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Compute the amount of phantom profit that would result if

In its first month of operation, Kuhlman Company purchased 290 units of inventory for $12, then 390 units for $13, and finally 330 units for $14. At the end of the month, 360 units remained.

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

What is the phantom profit:

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Accounting Basics: Compute the amount of phantom profit that would result if

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Accounting Basics: Compute the amount of phantom profit that would result if

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