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Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Jan...

Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following

Jan 1 Beginning inventory 900​ units @ $ 3.50​
Jan 12 Purchase 1000​ units @ $ 3.30​
Jan 18 Sales 1100​ units @ $ 5.00​
Jan 21 Purchase 900​ units @ $ 3.60​
Jan 25 Purchase 700​ units @ $ 3.40​
Jan 31 Sales 1050​ units @ $ 5.00​

Assuming Chase uses a FIFO cost flow method, the cost of goods sold for the sales transaction on January 31 is:

Select one:

A.

$4720.

B.

$3645.

C.

$3540.

D.

$3805.

Solutions

Expert Solution

Answer : C) $3540

ekkarill92 answered 2 years ago
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