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? Date August 1 August 3 Activities Beginning inventory Purchase Units Acquired at Cost 10 units @$20 = $200 20 units @$22 - $440 Units Sold at Retail August 6 Sales 12 units sold Multiple Choice