Saunderstown Company reported the following pretax data for its first year of operations. Net sales Cost...

 

Transcribed Image Text:

Saunderstown 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 $2,950 $2,480 700 308 Ending inventories: If LIFO is elected If FIFO is elected $ 990 $1,250 What is Saunderstown's gross profit ratio if it elects LIFO? (Round your answer to the nearest whole percentage.) Gross profit ratio Saunderstown 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 $2,950 $2,480 700 308 Ending inventories: If LIFO is elected If FIFO is elected $ 990 $1,250 What is Saunderstown's gross profit ratio if it elects LIFO? (Round your answer to the nearest whole percentage.) Gross profit ratio