es Chase Company uses the perpetual inventory method. The inventory records for Chase reflected the following January 1 Beginning inventory January 12 Purchase January 18 Sales January 21 Purchase January 25 Purchase January 31 Sales 1,800 units @ $5.30 1,900 units @ $5.10 2,000 units @ $6.80 1,800 units @ $5.40 1,600 units @ $5.20 1,950 units @ $6.80 Assuming Chase uses a FIFO cost flow method, the cost of goods sold for the sales transaction on January 31 is: Multiple Choice $10,645. $10,020. $10,305. $16.690
es Chase Company uses the perpetual inventory method. The inventory records for Chase reflected the following January 1 Beginning inventory January 12 Purchase January 18 Sales January 21 Purchase January 25 Purchase January 31 Sales 1,800 units @ $5.30 1,900 units @ $5.10 2,000 units @ $6.80 1,800 units @ $5.40 1,600 units @ $5.20 1,950 units @ $6.80 Assuming Chase uses a FIFO cost flow method, the cost of goods sold for the sales transaction on January 31 is: Multiple Choice $10,645. $10,020. $10,305. $16.690
Chapter10: Inventory
Section: Chapter Questions
Problem 6PB: Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating,...
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Question
![es
Chase Company uses the perpetual inventory method. The inventory records for Chase reflected the following
January 1
Beginning inventory
January 12
Purchase
January 18
Sales
January 21
Purchase
January 25
Purchase
January 31
Sales
1,800 units @ $5.30
1,900 units @ $5.10
2,000 units @ $6.80
1,800 units @ $5.40
1,600 units @ $5.20
1,950 units @ $6.80
Assuming Chase uses a FIFO cost flow method, the cost of goods sold for the sales transaction on January 31 is:
Multiple Choice
$10,645.
$10,020.
$10,305.
$16.690](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F51e317a8-6e0d-44b1-b452-3d7ba772b1fd%2F0d21961e-a3aa-4e3f-94a2-d049151775b8%2Ftf1luvt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:es
Chase Company uses the perpetual inventory method. The inventory records for Chase reflected the following
January 1
Beginning inventory
January 12
Purchase
January 18
Sales
January 21
Purchase
January 25
Purchase
January 31
Sales
1,800 units @ $5.30
1,900 units @ $5.10
2,000 units @ $6.80
1,800 units @ $5.40
1,600 units @ $5.20
1,950 units @ $6.80
Assuming Chase uses a FIFO cost flow method, the cost of goods sold for the sales transaction on January 31 is:
Multiple Choice
$10,645.
$10,020.
$10,305.
$16.690
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