Nueva Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected What is Nueva's net income if it elects FIFO? 7,480 5,700 1,538 25% 623 816 Note: Round your intermediate and final answer to the nearest whole dollar amount. Multiple Choice O $1,058 $793