The Boxwood Company sells blankets for $39 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 $19 10 Sale 5 17 Purchase 16 $14 20 Sale 4 23 Sale 2 30 Purchase 11 $23 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. a. $529 b. $437 c. $421 d. $322