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In its first month of operation, Kuhlman Company purchased370units of inventory for $5, then470units for $6, and finally410units for $7. At the end of the
In its first month of operation, Kuhlman Company purchased370units of inventory for $5, then470units for $6, and finally410units for $7. At the end of the month,440units remained.
Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.
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