Nu Company reported the following pretax data for its FIRST year of operations:         Net Sales                                             $2,800         Cost of goods available for sale         2,500         Operating expenses                              880         Effective tax rate                                     40%         Ending inventory:            if FIFO is elected                                1,060            if LIFO is elected                                    820    What is Nu Company’s net income if it elects FIFO?  What is Nu Company’s net income if it elects LIFO?

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A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…