Boxwood Company sells blankets for $39 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 27 $20 10 Sale 11 17 Purchase 35 $22 20 Sale 19 23 Sale 4 30 Purchase 40 $23 Determine the gross profit for the sale of May 23 using the FIFO inventory costing method