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

 Nu Company reported the following pretax data for its first year of operations.
               
Net sales         2,870    
Cost of goods available for sale         2,360    
Operating expenses         760    
Effective tax rate         20    %
Ending inventories:              
If LIFO is elected         840    
If FIFO is elected         1,190    

What is Nu's net income if it elects FIFO?

Multiple Choice

$472.


$1,700.


$752.


$940.

Answer

$752.

Explanation

 

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