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. Cost $30 Date May 3 May 10 May 17 May 20 May 23 May 30 Product z Purchase Sale Purchase Sale Sale Purchase Units 5 3 10 6 3 10 $34 $40 9. 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 a. S102 b $180 $90 $78