17. Perpetual inventory system, FIFO

Use the following information to answer the following question.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.Assuming that the company uses the perpetual inventory system, determinr the cost of merchandise sold for the sale of May 20 using the FIFO inventory cost method. a. $180 b. $1441 c. $136 d. $120