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In its first month of operation, Moraine Company purchased 100 units of inventory for $18, then 200 units for $21, and finally 150 units for $24. At the end of the month, 180 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. The company uses the periodic method.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9406398

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