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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

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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 7,540 5, 890 1,778 20% 668 848 What is Nueva's net income if it elects LIFO? Multiple Choice $540. $432 $720

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