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. If the company uses FIFO, what is the gross profit for the period?
A) $2,000
B) $10,000
C) $21,000
D) $38,000
Correct Answer:
Verified
Correct Answer:
Verified
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