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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 @ $22 = $220
August 3 Purchase 20 units @ $24 = $480
August 6 Sales 12 units sold

rev: 10_04_2021_QC_CS-280832, 11_22_2021_QC_CS-282954

Multiple Choice

  • $268.

  • $260.

  • $284.

  • $262.

  • $240.

Answer & Explanation Solved by verified expert
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