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Determine the cost of goods sold expense assuming kramer


Cost of Goods Sold, FIFO, and LIFO

Kramer began operations early in 2014 and made the following purchases:

February 5200$5June 105006October 43007

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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Accounting Basics: Determine the cost of goods sold expense assuming kramer
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