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In its first month of operation, Larkspur Company purchased 82 units of inventory for $6, then 164 units for $7, and finally 114 units for
In its first month of operation, Larkspur Company purchased 82 units of inventory for $6, then 164 units for $7, and finally 114 units for $8. At the end of the month, 148 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 $
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