The Boxwood Company sells blankets for $38.00 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 29 $16.00
May 10 Sale 12
May 17 Purchase 38 $18.00
May 20 Sale 15
May 23 Sale 10
May 30 Purchase 40 $19.00
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.
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