In its first month of operation, Crane Company purchased 300 units of inventory for $8, then 400 units for $9, and finally 340 units for $10. At the end of the month, 380 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. The company uses the periodic system. Phantom profit $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer

In its first month of operation, Crane Company purchased 300 units of imventory for $8, then 400 units for $9, and finally 340 units for 510. At the end of the month, 380 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. The company uses the periodic system. Phantom profit