Inventory Accounting and Tracking

The assignment content is about preparing year-end financial statements for Widgets 'R Us, focusing on inventory accounting. The solution discusses the inventory method (FIFO, LIFO, or Weighted-Average) and its advantages and disadvantages. It also emphasizes the importance of tracking inventory to understand business performance and decision-making.

Part 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?
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?
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?
Part 2
Exercise 5-1A
Exercise 5-2A
Exercise 5-3A
Exercise 5-4A
Exercise 5-5A