X 10:17 6 12 3/3 Inclass problem Chapter 7 April 27 2 Inclass problem A T In-Class Exercise Apple River Inc.'s inventory for the month of November was as follows: Date Nov. 1 4 Explanation Beginning inventory Purchase Units Unit Cost 100 $40 500 42 11 Sale (450) 16 Purchase 750 44 20 27 Sale Purchase (800) 600 46 Instructions (a) Calculate the ending inventory and cost of goods sold using the average cost formula in (1) a perpetual inventory system, and (2) a periodic inventory system. (Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.) (b) Compare your results for items 1 and 2 of part (a), commenting specifically on any differences or similarities between the two inventory systems. 21% 4 T