Question - You own Widgets ‘R Us and are preparing your year-end financial statements. There is no information about the company. This is exactly how the assignment question is worded.
1. What inventory system do you use and why? What are its advantages and disadvantages?
2. What activities should you perform to correctly account for your inventory at year-end?
3. Why is it important to track inventory? What does this information tell you about your business?