The Boxwood Company sells blankets for $33 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 9 $15 10 Sale 3 17 Purchase 12 $14 20 Sale 6 23 Sale 3 30 Purchase 11 $22 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. a. $368 b. $300 c. $280 d. $440