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 8 $14 10 Sale 5 17 Purchase 14 $15 20 Sale 6 23 Sale 2 30 Purchase 8 $18 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. a. $238 Ob. $306 c. $279 d. 255