Boxwood Company sells blankets for $40 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 May 3 10 17 20 23 30 Blankets a. $48 Ob. $322 c. $32 Od. $386 Purchase Sale Purchase Sale Sale Units Purchase 39 16 28 27 2 21 Cost $17 Determine the gross profit for the sale of May 23 using the FIFO inventory costing method. $14 $16

Boxwood Company sells blankets for $40 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. Determine the gross profit for the sale of May 23 using the FIFO inventory costing method. a. $48 b. $322 c. $32 d. $386