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Date Blankets Units Cost May 3 Purchase 30 $10 10 Sale 12 17 Purchase 23 $12 20 Sale 21 23 Sale 2 30 Purchase 29

Date Blankets Units Cost May 3 Purchase 30 $10 10 Sale 12 17 Purchase 23 $12 20 Sale 21 23 Sale 2 30 Purchase 29 $13 Determine the gross profit for the sale of May 23 using the FIFO inventory costing method. a. $50 b. $180 c. $24 d. $216

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