Use the information below to answer the following question. 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 20 Units Blankets Date Sale 10 17 20 23 30 24 10 Sale Sale Purchase 10 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 Oa. $180 Ob. $120 . $72 Od. $108