Nu Company reported the following pretax data for its first year of operations. 17 2,870 2,360 860 8 02:53:11 Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: IF LIFO is elected If FIFO is elected 20% 900 1,100 What is Nu's net income if it elects FIFO? Multiple Choice Shown below is activity for one of the products of Denver Office Equipment 3 January 1 balance 670 units @ $60 per unit $40,200 Purchases: January 10: 670 units 554 per unit January 20: 1,6e units 560 per unit Sales: January 12: 900 units January 28: 800 units 5302 Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses average cost and a perpetual Inventory system. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Ending inventory Cost of goods sold