Grays Company has the following purchases and sales during the month of August. Using the FIFO perpetua/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 @ $24 = $240 August 3 Purchase 20 units @ $26 = $520 August 6 Sales 12 units sold Multiple Choice $260 $284 5292