Calculator Boxwood Company sells blankets for $31 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Cost Blankets Units Date $21 Purchase 8 May 03 4 Sale 10 $23 Purchase 16 17 Sale 5 20 2 Sale 23 $24 Purchase 10 30 Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the LIFO inventory cost method. a. $115 Ob. $46 Oc. $84 Od. $240