Nueva Company reported the following pretax data for its first year of operations.

Net sales		7,470
Cost of goods available for sale		5,620
Operating expenses		1,548
Effective tax rate		25	%
Ending inventories:
If LIFO is elected		634
If FIFO is elected		800

What is Nueva's gross profit ratio (rounded) if it elects FIFO? (Round your answer to two decimal places e.g., 0.1234 as 12.34%.)

Multiple Choice

• 33.25%.

• 66.51%.

• 35.48%.

• 56.20%.

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 7,470 5,620 1,548 25% 634 820 What is Nueva's gross profit ratio (rounded if it elects FIFO? (Round your answer to two decimal places e.g.. 0.1234 as 12.34%.) Multiple Choice 33.25% 66.519. 35.43% O 56.20%