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Nu Company reported the following pretax data for its first year of operations. Net sales 2,860 Cost of goods available for sale 2,450 Operating expenses

Nu Company reported the following pretax data for its first year of operations. Net sales 2,860 Cost of goods available for sale 2,450 Operating expenses 730 Effective tax rate 25 % Ending inventories: If LIFO is elected 920 If FIFO is elected 1,240 What is Nu's gross profit ratio if it elects LIFO? (Round your answer to the nearest whole percentage.)

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