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The Boxwood Company sells blankets for $ 3 4 each. The following was taken from the inventory records during May. The company had no beginning

The Boxwood Company sells blankets for $34 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
$15
10 Sale 4
17 Purchase 15
$16
20 Sale 7
23 Sale 2
30 Purchase 9
$21
Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the FIFO inventory cost method.
a. $202
b. $111
c. $172
d. $106

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