Discover new knowledge and insights with IDNLearn.com's extensive Q&A platform. Ask your questions and receive prompt, detailed answers from our experienced and knowledgeable community members.

nu company reported the following pretax data for its first year of operations. net sales 2,850 cost of goods available for sale 2,430 operating expenses 770 effective tax rate 20% ending inventories: if lifo is elected 840 if fifo is elected 1,200 what is nu's gross profit ratio if it elects lifo?