The Boxwood Company sells blankets for $37 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Blankets Units Cost Date May 3 Purchase 36 $15 10 Sale 14 17 Purchase 40 $17 20 Sale 25 23 Sale 30 Purchase 23 $18 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. $100 Ob. $330 Oc. 385 Od 5381 Equipment with a cost of $160,191 has an estimated residual value of $7,537 and an estimated life of 4 years or 12,748 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 3,260 hours? Oa. 54.00 Ob. $38.163.50 Oc. $39,037.66 Od. $46.81