A Physical Inventory on December 31 Shows 2,000 Units on Hand.Holliday

question 40

Multiple Choice

A physical inventory on December 31 shows 2,000 units on hand.Holliday sells the units for ₤6 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)₤1,000
• B)₤5,000
• C)₤10,500
• D)₤19,000

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Definitions:

Perception Influences

The factors that affect how individuals perceive the world around them, including past experiences, expectations, and cultural backgrounds.

Organized

Being arranged in a systematic way, especially on a large scale.

Work Environment

Refers to the physical and psychological conditions under which employees perform their job duties.

Stereotypes

Overgeneralized beliefs about a particular category of people, which can lead to prejudicial attitudes and discrimination.