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The Fiscal Year 2018 financial statements of Olaf, Inc. reported the following information (in thousands). 2018 2017 Revenues $2,054,391 $1,832,799 Cost of sales $1,517,397 $1,529,527
The Fiscal Year 2018 financial statements of Olaf, Inc. reported the following information (in thousands).
| 2018 | 2017 | |
| Revenues | $2,054,391 | $1,832,799 |
| Cost of sales | $1,517,397 | $1,529,527 |
| Inventories, net | 585,764 | 546,745 |
| LIFO reserve | 4,345 | 4,094 |
If Olaf had used the FIFO method of inventory costing, 2018 COGS would have been:
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