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(Solved): Nueva Company reported the following pretax data for its first year of operations. Net sales 7,530 C ...



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

Net sales 7,530

Cost of goods available for sale 5,700

Operating expenses 1,548

Effective tax rate 20 %

Ending inventories:

If LIFO is elected 633

If FIFO is elected 814

What is Nueva's net income if it elects FIFO? (Round your intermediate and final answer to the nearest whole dollar amount.)

Multiple Choice

$732.

$915.

$877.

$1,096.



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FIFO stands for first in first out.

In this method the earliest inventories are assumed to be sold fi...
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