r 9) Nuevs Company reported the follewing peesax data foe its first year of operations9) Net sales 7,340 5,790 1,728 Cost of goods available for sale Effective tax rate Ending inventories If LIFO is elected If FTFO is elected 798 What is Nueva's gross profit ratio (rounded) if it elects FIFOT B)32% A)60% D) 107% C)30% 10) In a period when costs are falling and inventory quantities are stable, the lowest taxable 10) income would be reported by using the inventory method of A) Moving average C) Weighted average. B) FIFO D) LIFO II) If a company uses LIFO, a LIFO liquidation causes a company's income taxes to increase A) LIFO liquidations have no effect on a company's income taxes B) Whether inventory purchase costs are declining or rising C) When inventory purchase costs are rising D) When inventory purchase costs are declining 12) Ramen Inc adopted dollar-value LIFO (DVL) as of January 1, 2018, when it had a cost 12) inventory of $600,000. its inventory as of December 31, 2018, was $667,800 at year-end costs and the cost index was 1.06. What was DVL inventory on December 31, 20187 A) 5636,000. B) $630,000 C) 5631,800 D) None of these answer choices are correct