Chase Company uses the perpetual inventory method. The inventory records for Chase reflected the following information: Assuming Chase uses a first-in, first-out (FIFO)cost flow method, what is the cost of goods sold for the sales transaction on January 31?
A)$1,020
B)$1,005
C)$1,045
D)$340

Question

Chase Company uses the perpetual inventory method. The inventory records for Chase reflected the following information:  Assuming Chase uses a first-in, first-out (FIFO)cost flow method, what is the cost of goods sold for the sales transaction on January 31?
A)$1,020 
B)$1,005 
C)$1,045 
D)$340

Quizplus · Accepted Answer

The Answer of Chase Company uses the perpetual inventory method. The inventory records for Chase reflected the following information:  Assuming Chase uses a first-in, first-out (FIFO)cost flow method, what is the cost of goods sold for the sales transaction on January 31?
A)$1,020 
B)$1,005 
C)$1,045 
D)$340

Chase Company Uses the Perpetual Inventory Method