[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 Jan 12 Jan 18 Jan 21 Jan 25 Jan 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 unita$4.60 Assuming Chase uses a FIFO cost flow method, what is the cost of goods sold for the sales transaction on January 317 Multiple Choice $2,540 $2.940 $2725 $2,605