Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following information: Jan 1 Beginning inventory 800 units @ $3.30 Jan 12 Purchase 900 units @ $3.10 Jan 18 Sales 1,000 units @ $4.80 Jan 21 Purchase 800 units @ $3.40 Jan 25 Purchase 600 units @ $3.20 Jan 31 Sales 950 units @ $4.80 Assuming Chase uses a LIFO cost flow method, what is the amount of cost of goods sold for the sales transaction on January 18?

• $3,300

• $3,120

• $3,100

• $3,260

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

• $3,105

• $3,020

• $3,245

• $3,790