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Pi Company reported the following pretax data for its first year of operations: Net sales 2,800 Cost of goods available for sale 2,500 Operating expenses

Pi Company reported the following pretax data for its first year of operations: Net sales 2,800 Cost of goods available for sale 2,500 Operating expenses 880 Effective tax rate 40% Ending inventories: If LIFO is elected 820 If FIFO is elected 1,060 What's Pi's gross profit ratio if it elects LIFO

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