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

Net sales		7,370
Cost of goods available for sale		5,720
Operating expenses		1,678
Effective tax rate		25	%
Ending inventories:
If LIFO is elected		623
If FIFO is elected		807

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