Question: Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Jan 1 Beginning inventory 1,200 units @ $ 4.10 Jan

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

Jan 1 Beginning inventory 1,200 units @ $ 4.10
Jan 12 Purchase 1,300 units @ $ 3.90
Jan 18 Sales 1,400 units @ $ 5.60
Jan 21 Purchase 1,200 units @ $ 4.20
Jan 25 Purchase 1,000 units @ $ 4.00
Jan 31 Sales 1,350 units @ $ 5.60

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

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