The Boxwood Company sells blankets for $38 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.1 Blankets Units Cost Date May 3 Purchase 31 $10 10 Sale 12 17 Purchase 21 $12 20 Sale 22 23 Sale 1 30 Purchase 34 $13 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. $26 Ob. $190 Oc. $12 Od. $226