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 5,680 1,578 25% 622 803 What is Nueva's gross profit ratio (rounded) if it elects FIFO? O 32.92% 65.84% 35.32% 56.25%