Nu Company reported the following pretax data for its first year of operations.

Net sales		2,880
Cost of goods available for sale		2,340
Operating expenses		880
Effective tax rate		20	%
Ending inventories:
If LIFO is elected		960
If FIFO is elected		1,140

What is Nu's net income if it elects FIFO?

Multiple Choice

• $1,680.

• $640.

• $496.

• $800.