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Question 2 Part A and B A.Nueva Company reported the following pretax data for its first...

Question 2 Part A and B

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

Net sales 7,510
Cost of goods available for sale 5,620
Operating expenses 1,538
Effective tax rate 30 %
Ending inventories:
If LIFO is elected 628
If FIFO is elected 818

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

Multiple Choice

  • $980.

  • $1,170.

  • $686.

  • $819.

B. Linguini Inc. adopted dollar-value LIFO (DVL) as of January 1, 2018, when it had an inventory of $811,000. Its inventory as of December 31, 2018, was $842,700 at year-end costs and the cost index was 1.06. What was DVL inventory on December 31, 2018?

Multiple Choice

  • 795,000.

  • 811,000.

  • 842,700.

  • 859,660.

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