In its first month of operation, Sage Hill Company purchased 88 units of inventory for...
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Accounting
In its first month of operation, Sage Hill Company purchased 88 units of inventory for $6, then 176 units for $7, and finally 120 units for $8. At the end of the month, 160 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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