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. Date Blankets Units Cost May 3 Purchase 5 $15 10 Sale 3 17 Purchase 12 14 20 Sale 5 23 Sale 2 30 Purchase 12 20 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. $50 b. $78 c. $18 d. $106