1. You own Widgets 'R Us and are preparing your year-end financial statements:
- What inventory accounting method do you use and why (FIFO, LIFO, or Weighted-Average)?
- What are its advantages and disadvantages?
2. You own Widgets 'R Us and are preparing your year-end financial statements:
- What activities should you perform to correctly account for your inventory at year-end?
3. You own Widgets 'R Us and are preparing your year-end financial statements:
- Why is it important to track inventory?
- What does this information tell you about your business?