The Boxwood Company sells blankets for $34.00 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 03	Purchase	29	$16.00
May 10	Sale	12
May 17	Purchase	32	$18.00
May 20	Sale	15
May 23	Sale	8
May 30	Purchase	35	$19.00

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.

Select the correct answer.

$132

$272

$144

$236