Boxwood Company sells blankets for $34 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 8 $14 10 Sale 5 17 Purchase 16 $15 20 Sale 8 23 Sale 2 30 Purchase 9 $21 Determine the cost of goods sold for the sale of May 20 using the FIFO inventory costing method. a. $162 b. $115 c. $190 d. $117 Boxwood Company sells blankets for $30 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 9 $16 10 Sale 5 17 Purchase 13 $18 20 Sale 4 23 Sale 3 30 Purchase 8 $20 Determine the May 31 inventory balance using the FIFO inventory costing method. a. $340 Ob. $324 c. $360 d. $288