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The Boxwood Company sells blankets for $39 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.

Date	Blankets	Units	Cost
May 3	Purchase	10	$14
10	Sale	5
17	Purchase	16	$16
20	Sale	6
23	Sale	3
30	Purchase	11	$23

Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method.