The Boxwood Company sells blankets for $33 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 35 $15 10 Sale 14 17 Purchase 23 $17 20 Sale 25 23 Sale 1 30 Purchase 29 $18 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. $16 Ob. 5515 c. 517 Od. $383