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 Units Sold at Retail Date August 1 Beginning inventory Units Acquired at Cost 10 units@ $34= $340 20 units@ $36 $720 August) Purchase August s Sales 12 units sold Mutole Choice $40 SIM 1300