The Boxwood Company sells blankets for $37 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 $16 10 Sale 3 17 Purchase 9 SI5 20 Sale 6 23 Sale 2 30 Purchase 10 $23 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. Oa. $320 Ob. $368 Oc. $240 Od $256