The Boxwood Company sells blankets for $36.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1 Date May 03 Purchase May 10 Sale May 17 Purchase May 20 Sale May 23 Sale May 30 Purchase Blankets Units 39 16 27 20 8 28 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 Cost $14.00 $16.00 $17.00 Select the correct answer. $166 $322 $128 $274