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	10	$14
10	Sale	3
17	Purchase	16	$18
20	Sale	4
23	Sale	2
30	Purchase	12	$19

Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method.

a.$534

b.$406

c.$551

d.$522