Kramer began operations early in 2012 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.