Choose A Product: (5 points) Select a specific product or item (e.g., widgets, pens, laptops) that you will use consistently throughout the assignment. Provide examples of each Valuation Method: (5 points each; total 15 points) For FIFO, LIFO, and Weighted Average, offer examples demonstrating how each method operates practically. Include: The chosen product. Beginning and ending inventory quantities (units on hand and purchased or used). Cost of the products (when purchased by you, the supplier). Numerical calculations to illustrate the basic calculations involved in each method. Eplain Impact on Financial Statements: (5 points) Analyze and discuss the effect of each inventory valuation method on financial statements, with a focus on both the balance sheet and income statement. Consider factors such as cost of goods sold, ending inventory valuation, and net income. Conclude with Advantatages and Disadvantages: (5 points) Provide a conclusion that discusses the advantages and disadvantages of each inventory valuation method. Consider aspects such as financial reporting accuracy, tax implications, and operational considerations