Question: Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Jan 1Beginning i..s@$4.90Jan 1..s@$4.70Jan 1..s@$6.40Jan 2..s@$5.00Jan 2..s@$4.80Jan 3..s@$6.40 Assuming Chase

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

Jan 1Beginning i..s@$4.90Jan 1..s@$4.70Jan 1..s@$6.40Jan 2..s@$5.00Jan 2..s@$4.80Jan 3..s@$6.40

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

Multiple Choice

  • $8,845.
  • $8,545.
  • $13,470.
  • $8,300.

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