What is the gross profit for the period

Assignment Help Accounting Basics

Reference no: EM13123787

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. If the company uses FIFO, what is the gross profit for the period?

a) $2,000

b) $10,000

c) $21,000

d) $38,000

Reference no: EM13123787

Questions Cloud

Describe what is meant by the gold standard : Describe what is meant by the Gold Standard and what were the problems with the gold standard?

Information about composite function : Obtain the composite functions f(g(x)) and g (f(x)), and find all (if any) values of x such that f(g(x)) = g (f(x))

Probability that sample of undergraduate major in accounting : If we assume this is true, what is the probability that in a random sample of 700 undergraduate business students, 181 or more will major in accounting?

What is the limiting reactant : 3CuSO4 + 2Fe --> 3 Cu + Fe2(SO4)3 If you place .092 mol of iron filling in a solution containing .158 mol of CuSO4, what is the limiting reactant? How many moles of Cu will be formed.

What is the gross profit for the period : 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..

Immediately after adam''s admission to the partnership : Immediately after Adam's admission to the partnership, Leah sells one-fourth of her interest to Denton for $35,000. Journalize the entry to record this transaction.

What was the final temperature : A gas was enclosed in a rigid-walled container. The initial temperature and pressure were 52°C and 0.55 atm, respectively. If the final pressure were 2.41 atm.

Use decision criterion to determine price that pizza charge : Use each decision criterion (maximin, maximax, minimax regret, expected value) to determine the price that Pizza King should charge.

Which plot should have the shortest harvest age : Should U.S. national forests become privatized (sold to private owners)? Why or why not? Be sure to back up your response with economic analysis and reasoning.

User Account

All Pages