Homework Answers
Total Units available for sale = 340+440+380 = 1160 Units
Sales unit = 1160-420 = 740 Units
Cost of goods sold under FIFO = (340*5+400*6) = 4100
Cost of goods sold under LIFO = (380*7+360*6) = 4820
Phantom profit = 4820-4100 = $720
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