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.

Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method.

a.$400

b.$480

c.$320

d.$408

Date Blankets Units Cost Purchase 9 May 3 $20 10 Sale 3 17 Purchase 10 $16 20 Sale 23 Sale 3 30 Purchase 11 $24