Boxwood Company sells blankets for $32 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Date Blankets Units Cost May 3 Purchase 37 $19 10 Sale 15 17 Purchase 38 $21 20 Sale 26 23 Sale 4 30 Purchase 28 $22 Determine the gross profit for the sale of May 23 using the FIFO inventory costing method. Oa. $44 Ob. $418 Oc. $84 Od. $502