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 7 $16 10 Sale 5 17 Purchase 12 $18 20 Sale 7 23 Sale 3 30 Purchase 9 $22 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. Oa. $158 Ob. $116 Oc. $122 Od. $206