You own Widgets 'R Us and are preparing your year-end financial statements. 1. What inventory system do you use and why? What are its advantages and

You own Widgets ‘R Us and are preparing your year-end financial statements. 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?