Boxwood Company sells blankets for $35 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 $20 10 Sale 10 17 Purchase 30 $22 20 Sale 18 23 Sale 4 30 Purchase 36 $23 Determine the gross profit for the sale of May 23 using the FIFO inventory costing method.