Nu Company reported the following pretax data for its first year of operations. Net sales 2,960 Cost of goods available for sale 2,330 Operating expenses 830 Effective tax rate 20% Ending inventories: If LIFO is elected 830 If FIFO is elected 1,140 What is Nu's net income if it elects FIFO? Multiple Choice $504 $752 $1,770 $940