BE6-5 In its first month of operation, Moraine Company purchased 100 units of inven- tory for $6, then 200 units for $7, and finally 140 units for $8. At the end of the month, 180 units remained. Compute the amount of phantom profit that would result if the com- pany used FIFO rather than LIFO. Explain why this amount is referred to as phantom profit. The company uses the periodic method. BE6-7 Olsson Video Center accumulates the following cost and market data at December 31. Inventory Categories Cameras Camcorders DVDs Cost Data $12,500 9,000 13,000 Market Data $13,400 9,500 12,200 Compute the lower-of-cost-or-market valuation for Olsson inventory