MC Qu. 57 Nueva Company reported ... Nueva Company reported the following pretax data for its...

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Answer 1

Answer #1

Answer:

Calculation of the net income if FIFO is elected
		Amount($)
Net sales		7,430
Cost of goods available for sale	5,630
Less:Ending Inventories	799
Cost of goods sold		4,831
Gross Profit		2,599
Operating expenses		1,558
Operating Profit		1,041
Income taxes @35%		364
Net Income		677

Answer 2

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