Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following information: Jan 1 Jan 12 Jan 18 Jan 21 Jan 25 Jan 31 Beginning inventory Purchase Sales Purchase Purchase Sales 500 units @ $2.70 600 units @ $2.50 700 units @ $4.20 500 units @ $2.80 300 units @ $2.60 650 units @ $4.20 Assuming Chase uses a FIFO cost flow method, what is the cost of goods sold for the sales transaction on January 31? Multiple Choice $1,725 $1,700 $1,805 $1,480