Question 11 --/1 View Policies   Current Attempt in Progress       In its first month of operation, Tamarisk, Inc. purchased 190 units of inventory for $4, then 290 units for $5, and finally 230 units for $6. At the end of the month, 270 units remained.Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. Phantom profit   $enter a phantom profit in dollars

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.