1. Question Content Area

   The Boxwood Company sells blankets for $38 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	28	$11
   10	Sale	11
   17	Purchase	26	$13
   20	Sale	20
   23	Sale	2
   30	Purchase	34	$14

   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.

   a.$50

   b.$187

   c.$26

   d.$226