Kramer began operations early in 2014 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 the 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.
