Boxwood Company sells blankets for

$60

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.\ \\\\table[[Date,Blankets,Units,Cost],[May 3,Purchase,5,

$20

Boxwood Company sells blankets for $60 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. $72 b. $180 c. $108 d. $120