Boxwood Company sells blankets for $33 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 37 15 May 3 10 17 20 23 Purchase 30 Sale Purchase Sale Sale 26 26 1 Cost 22 $10 Purchase $13 Determine the gross profit for the sale of May 23 using the FIFO inventory costing method. O a. $21 Ob. $220 c. $12 O d. $268 $12

Boxwood Company sells blankets for $33 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. Determine the gross profit for the sale of May 23 using the FIFO inventory costing method. 2.521 b. 5220 c. 512 d. 5268