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. Blankets Units Cost Date May 3 Purchase 7 $16 10 Sale 5 17 Purchase 11 $15 20 Sale 5 23 Sale 2 30 Purchase 9 $21 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. < Oa. $240 Ob. $225 Oc. $315 Od. $279 Next