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The Boxwood Company sells blankets for $32 each. The following was taken from the inventory records...

The Boxwood Company sells blankets for $32 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 7

$16
10     Sale 5
17     Purchase 16

$18
20     Sale 7
23     Sale 2
30     Purchase 9

$21

Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the FIFO inventory cost method.

a.$116

b.$158

c.$122

d.$206

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