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The Boxwood Company sells blankets for $30 each. The following was taken from the inventory records during May. The company had no beginning inventory on
The Boxwood Company sells blankets for $30 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 | 33 | $12 |
| 10 | Sale | 13 | |
| 17 | Purchase | 20 | $14 |
| 20 | Sale | 23 | |
| 23 | Sale | 1 | |
| 30 | Purchase | 26 | $15 |
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.$16
b.$240
c.$14
d.$282
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