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. Date Blankets Units Cost May 03 Purchase 36 $10.00 May 10 Sale 14 May 17 Purchase 31 $12.00 May 201 Sale 18 May 23 May 30 Sale Purchase 10 23 $13.00 Assuming at 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 1264 3220 $120 $172