Cost of Goods Sold, FIFO, and LIFO Kramer began operations early in 2016 and made the following purchases: February 5200$5June 105006October 43007 Kramer...

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.

Required:

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