Boxwood Company sells blankets for $37 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	6	$18
10	Sale	3
17	Purchase	9	$17
20	Sale	4
23	Sale	2
30	Purchase	9	$18

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.$40

b.$74

c.$24

d.$108