6 TB MC Qu. 05-116 (Algo) Grays Company has... Grays Company has the following purchases and sales during the month of August. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 12 units that were sold? Activities Units Acquired at Cost Units Sold at Retail Beginning inventory 10 units @ $44 = $440 20 units @ $46 = $920 12 units sold bints Date August 1 Skipped August 3 Purchase August 6 Sales eBook