The Boxwood Company sells blankets for $32.00 each. The following was taken from the inventory records during May. The company had no beginning inventary on May 1. Units Date Blankets Cost May 03 Purchase 30 $10.00 May 10 Sale 12 May 17 Purchase 30 $12.00 May 20 Sale 15 May 23 Sale 9 May 30 Purchase 28 $13.00 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. OSIM 5180 SIOS 5144