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	Activities	Units Acquired at Cost	Units Sold at Retail
August 1	Beginning inventory	10 units @ $22 = $220
August 3	Purchase	20 units @ $24 = $480
August 6	Sales		12 units sold

rev: 10_04_2021_QC_CS-280832, 11_22_2021_QC_CS-282954

Multiple Choice

• $268.

• $260.

• $284.

• $262.

• $240.