[The following information applies to the questions displayed below.] Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following information:Jan 1Beginning Inventory300 units @ $2.30Jan 12Purchase400 units @ $2.10Jan 18Sales500 units @ $3.80Jan 21Purchase300 units @ $2.40Jan 25Purchase100 units @ $2.20Jan 31Sales450 units @ $3.80Assuming Chase uses a LIFO cost flow method, what is the amount of cost of goods sold for the sales transaction on January 18?
A. $1,050
B. $1,070
C. $1,130
D. $1,150
Answer: B
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