Cost of Goods Sold, FIFO, and LIFO Kramer began operations early in 2017 and made the following purchases February S June 10 October 4 200 $5 500 6 300 7 Kramer used the FIFO method to value its inventory and reported cost of goods sold expense for the year of $4,00o. Required: Determine the cost of goods sold expense assuming Kramer had used the LIFO method instead of the FIFO method