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 Purchase 36 $18 10 Sale 14 17 Purchase 25 $20 20 Sale 25 23 Sale 2 30 Purchase 37 $21 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. $32 Ob. $396 Oc. $40 Od. $456