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. Date Blankets Units Cost May 3 Purchase 35 $16 10 Sale 14 17 Purchase 39 $18 20 Sale 25 23 Sale 4 30 Purchase 23 $19 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. $76 b. $336 c. $72 d. $408