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

Question 202

Multiple Choice

Holliday Company's inventory records show the following data: 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. Under the LIFO method, cost of goods sold is A) ₤2,625. B) ₤4,500. C) ₤21,000. D) ₤22,000. 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. Under the LIFO method, cost of goods sold is


A) ₤2,625.
B) ₤4,500.
C) ₤21,000.
D) ₤22,000.

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