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