QUESTION 12 3.333 Use the information below to answer the following questions. The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Cost Date May 3 Blankets Purchase Sale Purchase Sale Sale Purchase 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. $136 b. $144 Oc$180 d. $120