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 $17 10 Sale 5 17 Purchase 16 $14 20 Sale 6 23 Sale 2 30 Purchase 9 $19 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. Ca. 1123 b. 126 Oc. 151 d. 1311