Brief Exercise 6-06

Brief Exercise 6-06 In its first month of operation, Buffalo Industries purchased 250 units of inventory for $10, then 350 units for $11, and finally 290 units for $12. At the end of the month, 330 units remained. The company uses the periodic method. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. Phantom profit