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In its first month of operation, Windsor, Inc. purchased 320 units of inventory for $4, then 420 units for $5, and finally 360 units for
In its first month of operation, Windsor, Inc. purchased 320 units of inventory for $4, then 420 units for $5, and finally 360 units for $6. At the end of the month, 400 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.
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