Nu Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 2,880 2,400 710 20% 970 1,090 What is Nu's net income if it elects FIFO? Multiple Choice $860 $688. #30 IF LIFO is elected If FIFO is elected 970 1,090 What is Nu's net income if it elects FIFO? Muluple Choice $860 $688 $1.570 $592