Shown below is the activity for one of the products of Random Creations:

January 1 balance, 99 units @ $60 $5,940

Purchases:

January 18: 49 units @ $60

January 28: 49 units @ $61

Sales:

January 12: 39 units

January 22: 39 units

January 31: 54 units

Required:

Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses FIFO.

*

Nueva Company reported the following pretax data for its first year of operations.

Net sales	7,460
Cost of goods available for sale	5,850
Operating expenses	1,758
Effective tax rate	25%
Ending inventories:
If LIFO is elected	648
If FIFO is elected	828

What is Nueva's net income if it elects LIFO?

$375

$525

$680

$500