Nueva Company reported the following pretax data for its first year of operations. Net sales 7,360 Cost of goods available for sale 5,670 Operating expenses 1,688 Effective tax rate 15% Ending inventories: If LIFO is elected 627 If FIFO is elected 811 What is Nueva's gross profit ratio if it elects FIFO? Note: Round your answer to two decimal places e.g., 0.1234 as 12.34%.

Multiple choice:

56.92%

33.98%

62.96%

31.48%