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In its first month of operation, Marin Company purchased 128 units of inventory for $ 6, then 256 units for $ 7, and finally 160
In its first month of operation, Marin Company purchased 128 units of inventory for $ 6, then 256 units for $ 7, and finally 160 units for $ 8. At the end of the month, 240 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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