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.

Question

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.

Quizplus · Accepted Answer

The Answer of 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.

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