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 7 $16 10 Sale 4 17 Purchase 15 $15 20 Sale 6 23 Sale 2 30 Purchase 9 $21 Determine the May 31 inventory balance using the FIFO inventory costing method. a. $304 b. $399 c. $339 d. $285