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Nueva Company reported the following pretax data for its first year of operations. Net sales 7,680 Cost of goods available for sale 5,960 Operating

Nueva Company reported the following pretax data for its first year of operations. Net sales 7,680 Cost of goods available for sale 5,960 Operating expenses 1,813 Effective tax rate 10% Ending inventories: If LIFO is elected If FIFO is elected What is Nueva's net income if it elects LIFO? Multiple Choice $549. $620. $790 703 8831

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