The Boxwood Company sells blankets for $32 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 36 $12 10 Sale 14 17 Purchase 31 $14 20 Sale 25 223 Sale 3 Purchase 39 $15 30 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. Oa. $54 Ob. $264 Oc. $42 Od. $306