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 32 12.00 May 10 Sale 13 Purchase May 17 29 $14.00 May 20 May 23 16 Sale Sale May 30 Purchase 34 $15.00 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 $168 $228 $126 $186