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Boxwood Company sells blankets for $33 each. The following information was taken from...

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Accounting

Boxwood Company sells blankets for $33 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system.
Date Blankets Units Cost
May 3 Purchase 26 $12
10 Sale 10
17 Purchase 37 $14
20 Sale 18
23 Sale 5
30 Purchase 35 $15
Determine the gross profit for the sale of May 23 using the FIFO inventory costing method.
a. $95
b. $192
c. $70
d. $220

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