QUESTION 8 Nu Company reported the following pretax data for its first year of operations Net sales Cost of goods available for sale $2,800 $2,500 Operating expenses Effective tax rate Ending inventories If LIFO is elected If FIFO is elected $880 40% $820 $1,060 What is Nu's net income if it elects LIFO? $288 O $144. O $240 O $480 QUESTION 9 Cost of goods sold is given by: O Beginning inventory - net purchases + ending inventory O Beginning inventory + accounts payable - net purchases O Net purchases + ending inventory - beginning inventory O Net purchases + beginning inventory - ending inventory