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In its first month of operation, Kuhlman Company purchased 100

In its first month of operation, Kuhlman Company purchased 100 units of inventory for $9, then 200 units for $10, and finally 140 units for $11. At the end of the month, 170 units remained.

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


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This question was answered on: Feb 21, 2020

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