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Compute the amount of phantom profit

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Question - In its first month of operation, Kuhlman Company purchased 280 units of inventory for $12, then 380 units for $13, and finally 320 units for $14. At the end of the month, 350 units remained.

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

Reference no: EM132097216

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