1 you own widgets r us and are preparing your year-end


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? 

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Finance Basics: 1 you own widgets r us and are preparing your year-end
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