Question: You are provided with the following information about Bear River Inc.'s inventory for the month Instructions (a) Calculate the ending inventory and cost of goods

You are provided with the following information about Bear River Inc.'s inventory for the month

Instructions
(a) Calculate the ending inventory and cost of goods sold using FIFO in
(1) A perpetual inventory system,
(2) A periodic inventory system.
(b) Compare your results for items 1 and 2 of part (a), commenting specifically on any differences or similarities between the two inventory systems.

Date Description May 1 Beginning inventory Units 15,000 40,000 (30,000) 50,000 (65,000) 40,000 Unit Cost 2.35 2.40 2.45 $%2.30 6 Purchase 11 Sale 14 Purchase 21 Sale 27 Purchase

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