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 Multiple Choice O What is Nueva's gross profit ratio if it elects FIFO? Note: Round your answer to two decimal places e.g., 0.1234 as 12.34%. O O 33.55% 31.12% 56.09% 7,400 5,720 1,668 62.24% 25% 623 803 4

Nueva Company reported the following pretax data for its first year of operations. What is Nueva's gross profit ratio if it elects FIFO? Note: Round your answer to two decimal places e.g., 0.1234 as 12.34%. Multiple Choice 33.55% 31.12% 56.09% 62.24%