Boxwood Company sells blankets for $35 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 6 $17 10 Sale 3 17 Purchase 11 $15 20 Sale 4 23 Sale 3 30 Purchase 11 $24 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. a. $60 b. $105 c. $35 d. $150