Boxwood Company sells blankets for $37 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1 Date Blankets Units Cost Purchase May 03 $16 Sale 10 Purchase 17 11 $17 Sale 20 4 Sale 23 2 Purchase 30 11 $19 Assuming that the company uses the perpetual inventory system, determine the aross profit for the sale of May 23 using the FIFO inventory cost method. a. $40 Ob. $74 Oc. $24