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

question 112

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 $12 each. The company has an effective tax rate of 20%. Holliday uses the periodic inventory method. What is the difference in taxes if LIFO rather than FIFO is used?

• A) $800 additional taxes
• B) $3,200 tax savings
• C) $4,000 tax savings
• D) $4,000 additional taxes

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The process of responding to an old stimulus as if it were new again after a change in context or presentation, demonstrating the renewal of attention.

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The act or sport of propelling oneself through water using the limbs.