Boxwood Company sells blankets for $32 each. The following information was taken from the inventory records during May. The company had inventory on May 1. Boxwood uses a perpetual inventory system. Determine the gross profit for the sale of May 23 using the FIFO inventory costing method. a. $33 b. $304 c. $63 d. $346 The inventory data for an item for November are: Using a perpetual system, what is the cost of goods sold for November if the company uses the weighted average cost method? a. $585 b. $590 c. $610 d. $575