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• From Economics: Accounting
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• Due on Jun. 16, 2012
• Asked on Jun 13, 2012 at 2:43:24PM

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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

 \$14,500.
 \$18,000.
 \$15,000.
 \$14,000.

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3. Holliday Companys inventory records show the following data
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3. Holliday Company's inventory records show the following data.xlsx (8K)
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