The Boxwood Company sells blankets for $35 each. The following was taken from the inventory records during May. The company had no beginning inventory on May Date Blankets Units Cost May 3 Purchase 9 $14 10 17 Sale Purchase 16 $16 20 23 Sale Sale 30 Purchase 9 $24 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. a $600 b. $400 c. $350 Od. SAT