The Boxwood Company sells blankets for $34.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1 Blankets Cost $20.00 Units May 03 Purchase May 10 Sale May 17Purchase May 20 Sale May 23 Sale May 30Purchase $22.00 17 $23.00 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. $114 O$400 $198 O$334