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

Jan 1	Beginning inventory	1,100 units @ $3.90
Jan 12	Purchase	1,200 units @ $3.70
Jan 18	Sales	1,300 units @ $5.40
Jan 21	Purchase	1,100 units @ $4.00
Jan 25	Purchase	900 units @ $3.80
Jan 31	Sales	1,250 units @ $5.40

TB MC Qu. 05-55 Assuming Chase uses a LIFO cost flow...

1. Assuming Chase uses a LIFO cost flow method, what is the amount of cost of goods sold for the sales transaction on January 18?

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

3. Assuming Chase uses a FIFO cost flow method, what is the ending inventory on January 31?