Question Content Area Boxwood Company sells blankets for $37 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 Blankets Units Cost May 3 Purchase 27 $18 10 Sale 11 17 Purchase 28 $20 20 Sale 19 23 Sale 3 30 Purchase 36 $21 Determine the gross profit for the sale of May 23 using the FIFO inventory costing method. a.$51 b.$288 c.$60 d.$348

Boxwood Company sells blankets for $37 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. $51 b. $288 c. $60 d. $348