Question 2 Inventory Method ( 25 points) The following is a record of Arden Company's transactions for the month of March. Question 2 Inventory Method ( 25 points) The following is a record of Arden Company's transactions for the month of March. Instructions 1. Assuming that the perpetual system and the FIFO cost flow assumption are applied. Prepare all necessary journal entries including the closing entry to record cost of goods sold. 2. Assuming that the periodic system and the FIFO cost flow assumption are applied. Prepare all necessary journal entries. A physical count indicates that the ending inventory for January is 500