The Boxwood Company sells blankets for $32 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	7	$16
10	Sale	5
17	Purchase	16	$18
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.$116

b.$158

c.$122

d.$206