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

January 1 Beginning inventory 1,400 units @ $4.50

January 12 Purchase 1,500 units @ $4.30

January 18 Sales 1,600 units @ $6.00

January 21 Purchase 1,400 units @ $4.60

January 25 Purchase 1,200 units @ $4.40

January 31 Sales 1,550 units @ $6.00

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

Multiple Choice

$6,740

$6,945

$7,205

$10,570