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 Cost Units May 3 Purchase 9 $14 10 Sale 3 17 Purchase 14 $17 20 Sale 7 23 Sale 3 30 Purchase 10 $20 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. $161 Ob. $203 Oc. $101 Od. $116