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 August 6 Activities Beginning inventory Purchase Sales Units Acquired at Cost 10 units @ $50 = $500 20 units @ $52 = $1,040 Units Sold at Retail 12 units sold

Grays Company has the following purchases and sales during the month of August Using the FiFO perpetual iwventory method, whist amount will be reponted as cost of goods sold for the 12 units that were sold