Question 12 Nu Company reported the following pretax data for its first year of operations (that means beginning inventory is zero). Net sales 2,800 Cost of goods available for sale 2,500 Operating expenses 880 Ending inventories: If LIFO is elected 820 If FIFO is elected 1,060 What is Nu's gross profit ratio ifit elects LIFO? O A. 49% OB. 40% OC. 80% OD. 6,4%