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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 $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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