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 May 3 10 17 20 23 30 Blankets a. $57 O b. $168 O c. $42 O d. $210 Purchase Sale Purchase Sale Sale Purchase Units 24 10 32 17 3 40 Cost $12 $14 $15 Determine the gross profit for the sale of May 23 using the FIFO inventory costing method.

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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. 10 Sale 10 17 Purchase 32 $14 20 Sale 17 23 Sale 3 30 Purchase 40 $15 Determine the gross profit for the sale of May 23 using the FIFO inventory costing method. 2. 557 b. $160 c. 542 d. $210