In its first month of operation, Kingbird Company purchased 80 units of inventory for $6, then 160 units for $7, and finally 112 units for $8. At the end of the month, 144 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 $ In its first month of operation, Kingbird Company purchased 80 units of inventory for $6, then 160 units for $7, and finally 112 units for $8. At the end of the month, 144 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 $