In its first month of operation, Kuhlman Company purchased 290 units of inventory for $7, then 390 units for $8, and finally 330 units for $9. At the end of the month, 350 units remained.
Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.

If you have a problem with this exercise provide your calculations. The assumption that FIFO produces a phantom result is an erroneous assumption