Cost of Goods Sold, FIFO, and LIFO

Exercise 5-23 Cost of Goods Sold, FIFO, and LIFO

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

LO3•6

EXAMPLE 5-2,  5-12, 5-13

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.