A retailing firm changed from LIFO to FIFO in 2011. Inventory valuations for the two methods appear below:
- 1/1/2010 1/1/2011 1/31/2011
- FIFO $10,000 $20,000 $25,000
- LIFO 7,000 16,000 18,000
Purchases in 2010 and 2011 were $60,000 in each year.
Using the information above, in the comparative 2010 and 2011 income statements, what amounts would be shown for cost of goods sold?