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What is Nu net income if it elects FIFO

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

Net sales 2,810

Cost of goods available for sale 2,450

Operating expenses 700

Effective tax rate 20%

Ending inventories: If LIFO is elected 960

If FIFO is elected 1,070.

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

Reference no: EM133116627

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