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Boxwood Company sells blankets for $40 each. The following was taken from the inventory records...

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Boxwood Company sells blankets for $40 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Blankets Units Date Cost May 3 Purchase 6 $20 10 Sale 3 17 Purchase 15 17 20 Sale 5 23 Sale 3 30 Purchase 15 18 Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method. Oa. 569 Ob. $120 Oc. S41 d. 5171

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