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Compute the amount of phantom profit

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Question - In its first month of operation, Sweet Acacia Industries purchased 320 units of inventory for $5, then 420 units for $6, and finally 360 units for $7. At the end of the month, 400 units remained.

Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.

Reference no: EM131693979

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