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Compute the amount of phantom profit that would result

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In its first month of operation, Franklin Company purchased 310 units of inventory for $10, then 516 units for $11, and finally 361 units for $12. At the end of the month, 464 units remained.

Question 1: Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. The company uses the periodic method.

Reference no: EM132576685

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