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Nueva Company reported the following pretax data for its first year of operations. Net sales 7,340 Cost of goods available for sale 5,790 Operating expenses
Nueva Company reported the following pretax data for its first year of operations.
| Net sales | 7,340 | ||
| Cost of goods available for sale | 5,790 | ||
| Operating expenses | 1,728 | ||
| Effective tax rate | 25 | % | |
| Ending inventories: | |||
| If LIFO is elected | 618 | ||
| If FIFO is elected | 798 | ||
What is Nueva's net income if it elects LIFO?
A. $440
B. $330
C. $620
D. $465
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1st Edition
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