What Is Nu's Net Income If It Elects LIFO

question 41

Multiple Choice

What is Nu's net income if it elects LIFO?

• A)$288.
• B)$144.
• C)$240.
• D)$480.

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Definitions:

De Jure Corporation

A corporation that is legally incorporated and recognized by the state as existing in accordance with law.

Incorporators

Individuals who sign the articles of incorporation and are involved in the legal process of forming a corporation.

Incorporation Statute

A law that governs the formation, operation, and dissolution of corporations, providing the legal framework for businesses to obtain corporate status.

De Facto Corporation

A corporation that operates like a legally incorporated company, despite not having completed all required incorporation steps, often recognized for legal purposes.