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Compute the amount of phantom profit

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Question - In its first month of operation, Kuhlman Company purchased 400 units of inventory for $11, then 500 units for $12, and finally 440 units for $13. At the end of the month, 480 units remained.

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

Reference no: EM132074059

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