The Boxwood Company sells blankets for $36 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 10 17 20 23 30 Purchase 39 $17 Sale 16 Purchase 23 $19 Sale Sale 27 1 Purchase 37 $20 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. a. $17 O b. $391 O c. $19 O d. $467

Assuming that the company uses the perpetual inventory system, determane the gross profit for the sale of May 23 using the fifo inventory cost method. a. 317 b. $391 c. 519 a. 5467