Chase Company uses the perpetual inventory method. The inventory records for Chase reflected the following January 1 January 12 January 18 January 21 January 25 January 31 Beginning inventory Purchase Sales Purchase Purchase 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