The Boxwood Company sells blankets for $30 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 3	Purchase	23	$12
10	Sale	9
17	Purchase	32	$14
20	Sale	16
23	Sale	4
30	Purchase	24	$15

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.$64

b.$168

c.$56

d.$196