Part 1 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? end? your business? Corre 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 tel you about Part 2 Exercise 5-1A Exercise 5-2A Exercise 5-3A Exercise 5-4A Exercise 5-5A