Boxwood Company sells blankets for $37 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 $17 10 Sale 4 17 Purchase 11 $17 20 Sale 6 23 Sale 3 30 Purchase 8 $18 Determine the May 31 inventory balance using the LIFO inventory costing method.

a.$221

b.$378

c.$501

d.$280