The Boxwood Company sells blankets for $34 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	25	$10
10	Sale	10
17	Purchase	33	$12
20	Sale	18
23	Sale	4
30	Purchase	30	$13

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. $88

b. $150

c. $48

d. $186