Boxwood Company sells blankets for $39 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Units Date Blankets May 3 Purchase Cost 5 $16 10 Sale 4 17 Purchase 12 18 20 Sale 5 23 Sale 3 30 Purchase 12 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. Oa. $63 Ob. $117 Oc. $44 Od. $171