Boxwood Company sells blankets for $31 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Date Blankets Units Cost May 3 Purchase 10 $16 10 Sale 5 17 Purchase 11 $14 20 Sale 5 23 Sale 3 30 Purchase 10 $24 Determine the May 31 inventory balance using the LIFO inventory costing method.