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Grays Company has the following purchases and sales during the month of August. ...
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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 @ $38 = $380 | |
| August 3 | Purchase | 20 units @ $40 = $800 | |
| August 6 | Sales | 12 units sold |
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