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.

A) $108
B) $120
C) $72
D) $180

Under the FIFO (First-In, First-Out) inventory cost method, the earliest goods purchased are the first to be sold. Assuming the sale on May 23 involves items from the earliest purchases, we calculate the cost of goods sold based on those initial costs, and then subtract this from the sales revenue to find the gross profit. Without specific purchase and sale details provided, the explanation is based on the FIFO principle where the oldest inventory costs are used first in calculating the cost of goods sold, leading to the determination of gross profit from the given options.