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Grays Company has the following purchases and sales during the month of August. Using the...

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Accounting

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 @ $20= $200
August 3 Purchase 20 units @ $22= $440
August 6 Sales 12 units sold
Multiple Choice
$240.
$260.
$220.
$238.
$244.

Answer & Explanation Solved by verified expert
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