Question 32 Not yet answered Marked out of 1 P Flag question Use the information below to answer the following questions The Boxwood Company sells blankets for $60 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 $20 Sale Purchase Purchase 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