Required information The following information applies to the questions displayed below) Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following information: Jan 1 Beginning inventory 500 units $2.70 Jan 12 Purchase 600 units $2.50 Jan 18 Sales 700 units $4.20 Jan 21 Purchase 500 units $2.80 Jan 25 Purchase 300 units @ $2.60 Jan 31 Sales 650 units @ $4.20 Assuming Chase uses a FIFO cost flow method, what is the cost of goods sold for the sales transaction on January 31? $1,725 $1,805 $1,480 $1,700 GO Drew 10 11 of 36 Next