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Compute what is amount of cost of goods sold for the sales

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

Jan 1Beginning inventory400 units @ $2.50

Jan 12Purchase500 units @ $2.30

Jan 18Sales600 units @ $4.00

Jan 21Purchase400 units @ $2.60

Jan 25

Purchase200 units @ $2.40Jan 31

Sales550 units @ $4.00

Problem 1: Assuming Chase uses a LIFO cost flow method, what is the amount of cost of goods sold for the sales transaction on January 18?

Option 1: $1400

Option 2: $1460

Option 3: $1500

Option 4: $1380

Option 5: None of the above.

Reference no: EM132687811

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