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The Boxwood Company sells blankets for $31 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
$16
10 Sale 5
17 Purchase 9
$15
20 Sale 4
23 Sale 2
30 Purchase 11
$19
Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method.
a. $361
b. $329
c. $304
d. $285
