The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Blankets Units Cost Date Purchase 10 $19 May 3 10. Sale 3 17 Purchase 13 $14 20 Sale 4 23 Sale 2 30 Purchase 11 $20 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. Oa. $500 Ob. $475 Oc. 8350 Od. $416