Question Content Area Boxwood Company sells blankets for $40 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Date Blankets Units Cost May 3     Purchase 8 $17 10     Sale 3   17     Purchase 11 $16 20     Sale 6   23     Sale 3   30     Purchase 8 $19 Determine the May 31 inventory balance using the FIFO inventory costing method. a. $255 b. $264 c. $240 d. $285

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