Reference no: EM132856544

Chase Company uses the perpetual inventory method. The inventory records for Chase reflected the following

January 1 Beginning inventory300 units @ $2.30

January 12  Purchase400 units @ $2.10

January 18  Sales500 units @ $3.80

January 21  Purchase300 units @ $2.40

January 25  Purchase100 units @ $2.20

January 31  Sales450 units @ $3.80

Problem 1: Assuming Chase uses a FIFO cost flow method, the ending inventory on January 31 is:

Multiple Choice

Option 1: $340.
Option 2: $1,020.
Option 3: $345.
Option 4: $330.