Cost of goods sold fifo and lifo determine the cost of

Question

Problem

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 54,000.

Required:

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