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Grays Company has inventory of 30 units at a cost of $11 each on August 1. On August 3, it purchased 40 units at $12
Grays Company has inventory of 30 units at a cost of $11 each on August 1. On August 3, it purchased 40 units at $12 each. 32 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported in cost of goods sold for the 32 units that were sold? $354. $960. $360. $150. $358.
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