The Boxwood Company sells blankets for $37.00 each. The following was taken from the inventory records during May. The company ha inventory on May 1. Date Blankets Units Cost May 03 Purchase 35 $20.00 May 10 Sale .14 May 17 Purchase 32 $22.00 May 20 Sale 18 May 23 Sale 9 May 30 Purchase 21 $23:00 Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory Select the correct answer