Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Jan 1 Beginning inventory Jan 12 Purchase Jan 18 Sales Jan 21 Purchase Jan 25 Purchase Jan 31 Sales 700 units @ $3.10 800 units @ $2.90 900 units @ $4.60 700 units @ $3.20 500 units @ $3.00 850 units @ $4.60 Assuming Chase uses a FIFO cost flow method, the cost of goods sold for the sales transaction on January 31 is: Multiple Choice O $2.725 $2,725. o $2,540. o $2,605. O $2940. $2.940