The Boxwood Company sells blankets for $ 37.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date May 01 Product Z Units Cost Purchase 11 $14.00 May 10 Sale 5 May 17 Purchase 16 $17.00 May 20 Sale 8 May 23 May 30 Sale Purchase 2 11 $22.00 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the FIFO inventory cost method. Select the correct answer. $220.00 $130.00 $118.00 $206.00