33 The Boxwood Company sells blankets for $39.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 03 Purchase $14.00 May 10 Sale 13 May 17 Purchase $16.00 May 20 Sale May 23 Sale May 30 Purchase 23 $17.00 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. Select the correct answer. $236 $280 $160 $232