Boxwood Company sells blankets for $38 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	5	$19
10	Sale	4
17	Purchase	11	$18
20	Sale	4
23	Sale	3
30	Purchase	11	$23

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.