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. Cost Date May 3 10 17 20 23 Blankets 30 Purchase Sale Purchase Sale Sale Units Purchase 5 3 10 6 3 10 $20 $30 Determine the gross profit for the sale of May 23 using the FIFO inventory costing method. O a. $108 O b. $120 O c. $72 Od. $180 $24

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 perpetubl inventory system. Determine the gross profit for the sale of May 23 using the frro inventory costing method. - siok b. $120 c. 572 d 5180