Boxwood Company sells blankets for $40 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	37	$12
10	Sale	15
17	Purchase	40	$14
20	Sale	26
23	Sale	4
30	Purchase	31	$15

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

a. $104

b. $264

c. $56

d. $320