The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.

Date Blankets Units Cost

May3 Purchase 5 $20

May10 Sale 3

May17 Purchase 10 $24

May20 Sale 6

May23 Sale 3

May30 Purchase 10 $30

Assuming that the company uses the perpetual inventory system, determine the gross profit for the month of May using the LIFO cost method.

$348