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 11 $14 10 Sale 4 17 Purchase 16 $18 20 Sale 8 23 Sale 3 30 Purchase 8 $23 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. $140 Ob. $200 Oc. $116 Od. $242