determing cost of goods, FIFO method

Boxwood Compony sells blankets for $40 each. The following information was taken from the inventory records during May. The company had no beginning inventory an May 1. Boxwood uses a perpetual inventory system. Determine the cost of goods sold for the sale of May 20 using the FIFO inventory costing methed. 1. 576 b. 5104 c. 5150 d. 574