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Nueva Company reported the following pretax data for its first year of operations. Net sales 7,450 Cost of goods available for sale 5,670 Operating expenses
Nueva Company reported the following pretax data for its first year of operations.
| Net sales | 7,450 |
|---|---|
| Cost of goods available for sale | 5,670 |
| Operating expenses | 1,628 |
| Effective tax rate | 25% |
| Ending inventories: | |
| If LIFO is elected | 619 |
| If FIFO is elected | 813 |
What is Nueva's gross profit ratio if it elects FIFO?
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Deadly Audit A Buckeye Barrister Mystery
Authors: David M Selcer
1st Edition
0988194368, 978-0988194366
