5. 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 May 3 Blankets Purchase 10 Sale 17 Purchase 20 Sale 23 Sale 30 Purchase Units Cost 5 $20 3. 10 $24 6 3 10 $30 Assuming that the company uses the perpetual inventory system, determine the COST OF GOODS SOLD for the month of May using the LIFO inventory cost method. a. $364 b. $300 c. $268 d. $276