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In its first month of operation, Blossom Company purchased 230 units of inventory for $11, then 330 units for $12, and finally 270 units for $13. At the end of the month. 310 units remained. Compute the amount of phantom profit that would result if the company used FiFO rather than LiFO. The compary uses the periodie system. Phantom proft Best Buy uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are availableat December 31 . What amount should be reported on Best Buy's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied