The Boxwood Company sells blankets for $34.00 each. The following was taken from the inventory...
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Accounting
The Boxwood Company sells blankets for $34.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
| Date | Blankets | Units | Cost |
| May 03 | Purchase | 32 | $10.00 |
| May 10 | Sale | 13 | |
| May 17 | Purchase | 38 | $12.00 |
| May 20 | Sale | 16 | |
| May 23 | Sale | 11 | |
| May 30 | Purchase | 25 | $13.00 |
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.
Select the correct answer.
$248
$190
$132
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