Grays Company has inventory of 10 units at a cost of $10 each on August 1.On August 3,it purchased 20 units at $12 each.12 units are sold on August 6.Using the FIFO perpetual inventory method,what amount will be reported as cost of goods sold for the 12 units that were sold?
A)$120.
B)$124.
C)$128.
D)$130.
E)$140.

Question

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The Answer of Grays Company has inventory of 10 units at a cost of $10 each on August 1.On August 3,it purchased 20 units at $12 each.12 units are sold on August 6.Using the FIFO perpetual inventory method,what amount will be reported as cost of goods sold for the 12 units that were sold?
A)$120.
B)$124.
C)$128.
D)$130.
E)$140.

Grays Company Has Inventory of 10 Units at a Cost