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What is the amount of cost of goods sold for the sales

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Question - Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following information:

Jan 1 Beginning inventory 400 units @ $2.50

Jan 12 Purchase 500 units @ $2.30

Jan 18 Sales 600 units @ $4.00

Jan 21 Purchase 400 units @ $2.60

Jan 25 Purchase200 units @ $2.40

Jan 31 Sales 550 units @ $4.00

Assuming Chase uses a LIFO cost flow method, what is the amount of cost of goods sold for the sales transaction on January 18?

a. $1400

b. $1460

c. $1500

d. $1380

e. None of the above.

Reference no: EM132774343

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