The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Blankets Units Cost Purchase Date May 3 10 17 20 23 Sale 30 Purchase Sale Sale 5 b. $120 C c. $108 Od $180 3 6 3 Purchase 10 $30 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. X a. $72 10 $20 $24

The toxwood Company sells blanbets foe $60 each, The fellowing was taken from the inventory records during May. The company had no beginning inventory cen Kay I Assuming that the company usea the perpetual inventory swstem, determine the prous profit for the sale at Mar 23 unipg the Fifo immentr cost method. x+1120 c. $150 a. 1 1to