[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 1,800 units @ $5.30 Jan 12 Purchase 1,900 units @ $5.10 Jan 18 Sales 2,000 units @ $6.80 Jan 21 Purchase 1,800 units @ $5.40 Jan 25 Purchase 1,600 units @ $5.20 Jan 31 Sales 1,950 units @ $6.80 Assuming Chase uses a FIFO cost flow method, what is the cost of goods sold for the sales transaction on January 31? Multiple Choice $10,645 $10,305 $16,690 $10,020