The Boxwood Company sells blankets for $38 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 $20 10 Sale 3 17 Purchase 16 $18 20 Sale 5 23 Sale 2 30 Purchase 12 $21 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. Oa. $504 Ob. $540 Oc. $560 Od. $588