Boxwood Company sells blankets for $40 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. Blankets Date Units Cost May 3 Purchase 11 $14 10 Sale 5 17 Purchase 13 $16 20 Sale 7 23 Sale 3 30 Purchase 8 $24 Determine the cost of goods sold for the sale of May 20 using the FIFO inventory costing method. a. $100 b. $110 c. $182 d. $196