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. If the company uses FIFO, what is the gross profit for the period?
A) ₤500
B) ₤2,500
C) ₤5,250
D) ₤9,500
Correct Answer:
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