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	10	$17
10	Sale	4
17	Purchase	15	$18
20	Sale	8
23	Sale	3
30	Purchase	12	$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.

a.$246

b.$212

c.$142

d.$138

Using the lower of cost or market, what should the total inventory value be for the following items:

Item	Inventory Quantity	Cost per Unit	Market Value per Unit	Total Cost Price	Total Market Price	Lower of Cost or Market
A	220	$4	$7	$880	$1,540	$
B	109	$14	$11	$1,526	$1,199	$
C	60	$21	$23	$1,260	$1,380	$
						$