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 @ $40 = $400 August 3 Purchase 20 units @ $42 = $840 August 6 Sales 12 units sold rev: 10_04_2021_QC_CS-280832

Multiple Choice

$484.

$458.

$420.

$500.

$460.