Sale The Boxwood Company sells blankets for $32.00 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 03 Purchase 36 $15.00 May 10 Sale 14 May 17 Purchase 36 $17.00 May 20 Sale 18 May 23 11 May 30 Purchase 29 $18.00 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. Select the correct answer. $173 $330 $187 $262