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 7 $19 10 Sale 3 17 Purchase 11 $15 20 Sale 6 23 Sale 2 30 Purchase 9 $18 Determine the May 31 inventory balance using the FIFO inventory costing method. a.$267 b.$240 c.$304 d.$288 Question Content Area 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 7 $19 10 Sale 3 17 Purchase 11 $15 20 Sale 6 23 Sale 2 30 Purchase 9 $18 Determine the May 31 inventory balance using the FIFO inventory costing method. a.$267 b.$240 c.$304 d.$288