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? Activities Beginning inventory Purchase Date August 1 August 3 August 6 Sales Units Acquired at Cost Units Sold at Retail 10 units @ $36 = $360 20 units @ $38 = $760 12 units sold