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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

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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 2,900 2,420 770 20% 1,010 1,060 What is Nu's net income if it elects LIFO? Multiple Choice O $770. O $720. $576. $616

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