The Boxwood Company sells blankets for $38.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Units 29 Cost $14.00 Date May 03 May 10 May 17 May 20 May 23 May 30 Blankets Purchase Sale Purchase Sale Sale Purchase $16.00 12 23 15 7 20 $17.00 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 Select the correct answer O 3158 O 5238 O $112 5206