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	33	$20
10	Sale	13
17	Purchase	38	$22
20	Sale	23
23	Sale	5
30	Purchase	21	$23

Determine the gross profit for the sale of May 23 using the FIFO inventory costing method.

a.$85

b.$400

c.$110

d.$466