Boxwood Company sells blankets for $36 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 36 $12 10 Sale 14 17 Purchase 22 $14 20 Sale 25 23 Sale 30 Purchase 3 $15 Determine the gross profit for the sale of May 23 using the FIFO inventory costing method. Oa. $22 Ob. $264 Oc. $14 Od. $306