Grays Company has inventory of 14 units at a cost of $9 each on August 1. On August 3, it purchased 24 units at $12 each. 16 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 16 units that were sold?

Grays Company has inventory of 14 units at a cost of $9 each on August 1. On August 3, it purchased 24 units at $12 each. 16 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 16 units that were sold? Multiple Choice $156. $224. $150. $154, S162.