Question: Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following information: Jan 1 Beginning inventory 900 units @ $3.50 Jan

Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following information:
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, what is the cost of goods sold for the sales transaction on January 31?

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