Holliday Company's Inventory Records Show the Following Data: a Physical

question 213

Multiple Choice

Holliday Company's inventory records show the following data: A physical inventory on December 31 shows 2,000 units on hand. Holliday sells the units for ₤3 each. The company has an effective tax rate of 20%. Holliday uses the periodic inventory method. If the company uses FIFO, what is the gross profit for the period?

• A) ₤500
• B) ₤2,500
• C) ₤5,250
• D) ₤9,500

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