In its first month of operation, Kuhlman Company purchased 160 units of inventory for $11, then 260 units for $12, and finally 200 units for $13. At…

In its first month of operation, Kuhlman Company purchased 160 units of inventory for $11, then 260 units for $12, and finally 200 units for $13. At the end of the month, 240 units remained.

Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.