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 Units Acquired at Cost 10 units @ $10 = $100 Units Sold at Retail Purchase 20 units @ $12 = $240 August 6 Sales 12 units sold