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? Units Sold at Retail Date August 1 August 3 August 6 Activities Beginning inventory Purchase Sales Units Acquired at Cost 10 unito e $34 = $340 20 units @ $36 $720 12 units sold