Part 1. You own Widgets ‘R Us and are preparing your ye

Added on - 16 Sep 2019

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Part 1You own Widgets ‘R Us and are preparing your year-end financial statements: What inventoryaccounting method do you use and why (FIFO, LIFO, or Weighted-Average)? What are its advantagesand disadvantages?You own Widgets ‘R Us and are preparing your year-end financial statements: What activities should youperform to correctly account for your inventory at year-end?You own Widgets ‘R Us and are preparing your year-end financial statements: Why is it important totrack inventory? What does this information tell you about your business?Part 2Exercise 5-1AExercise 5-2AExercise 5-3AExercise 5-4AExercise 5-5A