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Compute the amount of phantom profit

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Question - In its first month of operation, Franklin Company purchased 258 units of inventory for $12, then 430 units for $13, and finally 301 units for $14. At the end of the month, 387 units remained.

Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. The company uses the periodic method. What is the amount of phantom profit?

Reference no: EM132228135

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