Multiple Choice O O O $600 $780 $480 $620
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Multiple Choice
O
O
O
O
$600
$780
$480
$620
Transcribed Image Text:Nueva Company reported the following pretax data for its first year of operations.
Net sales
Cost of goods available for sale
Operating expenses
Effective tax rate
Ending inventories:
If LIFO is elected
If FIFO is elected
What is Nueva's net income if it elects LIFO?
7,660
5,950
1,808
20%
698
878
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