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. Assuming that the company uses the perpetual inventory system, determine the Gross profit for the month of May using the LIFO cost method. $396 $332 $324 $494 Which of the following measures the length of time it takes to acquire, sell and replace inventory? inventory turnover number of days' sales in inventory retail method of inventory costing gross profit method of inventory costing