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Holliday Company's inventory records show the following data:
Units Unit CostInventory, January 1 5,000 $9.00Purchases: June 18 4,500 8.00November 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.
If the company uses FIFO, what is the gross profit for the period?
What is the difference in taxes if LIFO rather than FIFO is used?
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Determine the proper balance sheet presentation and amounts for the above items.
The securities sold on December 9 had cost the company $7,000, whereas the securities sold on December 18 had cost the company $6,000. (a) Record the purchase of marketable securities on December 4.
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Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its unit costs are as follows.
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