FORUM DESCRIPTION Bears, Inc. began the year with merchandise inventory of 50 sofas that each cost $500. During January, Bears purchased and sold merchandise on account as follows: Jan. 5 Jan. 10 Jan. 20 Jan. 25 Purchase Sale Purchase Sale 14 sofas @ $520 ea. 40 sofas 22 sofas at $515 ea. 31 sofas Determine the COGS sold and ending inventory values under FIFO, LIFO and weighted-average (round to 2 decimals). Additionally, determine the inventory method with the highest and lowest COGS as well as the highest and lowest value of ending inventory. You will need to prepare a perpetual inventory chart for this problem (see text exhibits 5.5, 5.6 and 5.7 for examples).

Bears, Inc. began the year with merchandise inventory of 50 sofas that each cost $500. During January. Bears purchased and sold merchandise on account as follows: Determine the COGS sold and ending inventory values under FIFO, LIFO and weighted-average (round to 2 decimals). Additionally, determine the inventory method with the highest and lowest COGS as well as the highest and lowest value of ending inventory. You will need to prepare a perpetual inventory chart for this problem (see text exhibits 5.5,56 and 57 for examples)