The Boxwood Company sells blankets for $32 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	29	$18
10	Sale	12
17	Purchase	34	$20
20	Sale	20
23	Sale	4
30	Purchase	21	$21

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.$48

b.$306

c.$80

d.$366