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

Question 76

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 $12 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) $10,500. B) $18,000. C) $84,000. D) $88,000. 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. Under the LIFO method, cost of goods sold is


A) $10,500.
B) $18,000.
C) $84,000.
D) $88,000.

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