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How to compute the amount of phantom profit

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In its first month of operation, Franklin Company purchased 282 units of inventory for $10, then 470 units for $11, and finally 329 units for $12. At the end of the month, 423 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.

Question 2: What is the amount of phantom profit?

Reference no: EM132583429

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