Financial Accounting Week 4 Problem Sets 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?

Financial AccountingWeek 4 Problem SetsPart 1You 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 2Exercise 5-1AExercise 5-2AExercise 5-3AExercise 5-4AExercise 5-5A