The Boxwood Company sells blankets for $34.00 each. The following was taken from the inventory records during May, The company had no beging inventory on May 1 Date Units 23 Cost $19.00 May 03 Blankets Purchase May 10 Sale: May 17 Purchase 31 $21.00 May 201 Sale 12 May 23 Sale May 30 Purchase " 22 $22.00 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.. $100 5266 $160 $224 Previous Next>>