Yup, field dress it just like a deer.
If you want a rug then cape him out up to his wrists, cut him off there leaving the paws alone. Lay him on his back and lay his front legs out like a T. You split his hide along the center line of the T. Dang I have pictures of my brother and I caping out my black bear from last spring. I will get them this evening from home and post them for you tomorrow..
Bear meat can be very good eating. Like the above posts. get rid of all the fat. I had my latest bear made into breakfast sausage..He eats excellent.
Rugs are spendy for the most part.. especially if you nail a big ole tank....be ready for a jaw dropper of a taxidermy bill!
Good luck I will do my best to find those capingpictures this evening..