Holliday Company's inventory records show the following data: Units Unit Cost Inventory, January 1 5,000...
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Holliday Company's inventory records show the following data: Units Unit Cost Inventory, January 1 5,000 $9.00 Purchases: June 18 4,500 8.00 November 8 3,000 7.00 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 FIFO method, the December 31 inventory is valued at Question 25 options: 1) $18,000. 2) $14,000. 3) $14,500. 4) $15,000.
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