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Boxwood Company sells blankets for $32 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 7 $15 10 Sale 5 17 Purchase 16 $16 20 Sale 6 23 Sale 2 30 Purchase 8 $22 Determine the cost of goods sold for the sale of May 20 using the FIFO inventory costing method. Oa, 5171 Ob. $126 Oc. $92 Od 594
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