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

Question 113

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 FIFO method, the December 31 inventory is valued at A) ₤3,500. B) ₤3,625. C) ₤3,750. D) ₤4,500. 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 FIFO method, the December 31 inventory is valued at


A) ₤3,500.
B) ₤3,625.
C) ₤3,750.
D) ₤4,500.

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