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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
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Which of the following is a contingency that should be accrued?
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