The Boxwood Company sells blankets for $ 40.00 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 03	Purchase	10	$14.00
May 10	Sale	5
May 17	Purchase	14	$16.00
May 20	Sale	6
May 23	Sale	3
May 30	Purchase	10	$20.00

Assuming that the company uses the perpetual inventory system, determine the ending inventory value for the month of May using the FIFO inventory cost method.

Select the correct answer.

$400.00

$360.00

$280.00

$320.00