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:

$4720.

$3645.

$3540.

$3805.

Solutions

Expert Solution

Answer : C) $3540

ekkarill92 answered 2 years ago

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