Exercise Cost of Goods Sold, FIFO, and LIFO
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 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.