Cost of goods sold, fifo, and lifo kramer began operations early in

Cost of Goods Sold, FIFO, and LIFO

Kramer began operations early in 2016 and made the following purchases:

February 5 200 $5
June 10 500 6
October 4 300 7

Kramer used the FIFO method to value its inventory and reported cost of goods sold expense for the year of $4,000.

Required:

Determine the cost of goods sold expense assuming Kramer had used the LIFO method instead of the FIFO method.

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