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. Date Blankets Units Cost May 3 Purchase 10 $17 10 Sale 3 17 Purchase 13 $18 20 Sale 6 23 Sale 2 30 Purchase 9 $21 Determine the May 31 inventory balance using the FIFO inventory costing method.

a.$378

b.$441

c.$405

d.$357