The Boxwood Company sells blankets for $39.00 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 21 $17.00 May 10 Sale 8 May 17 Purchase 30 $19.00 May 20 Sale 11 May 23 Sale 8 May 30 Purchase 40 $20.00 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. $164 O $221 $152 $183