The Baxwood Company sells blankets for $36 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Blankets Units Cost Date May 3 Purchase 7 $18 10 Sale 5 17 Purchase 12 $16 20 Sale 5 23 Sale 3 30 Purchase 9 $20 Assuming that the company uses the perpetual inventory system, determine the May 31 Inventory balance using the FIFO inventory cost method. O a. 5270 Ob. 5276 Oc. 5300 Od. 5240