3. Nilfgaard is a small sole trader retail business. The following information relates to its two products: Kikimora This is a traditional product which has a constant demand. The cost price has remained constant at 15 per unit for the last three years. At the start of 2019, Nilfgaard had 200 units of Kikimora. During 2019 the business purchased 15,000 units and sold 13,850 units. The selling price throughout the year was 30. At the year end, it was discovered that 20 units were damaged. It was decided to price 15 of these damaged units at 18 each and the remaining 5 units at 10 each. Shtriga Demand for this product has dropped during the last couple of years. The following table shows the opening inventory, purchases and sales of Shtriga for 2019: Opening Inventory Purchases Sales 1 Jan 400 units @22 6,000 units @ 20 per unit Jan-June 4,500 units @40 per unit 1 July 5,000 units @ 18 per unit July-Dec 3,000 units @ 40 per unit The stocktake at the end of 2019 revealed that all remaining units were present and in good condition. REQUIRED: (a) (b) Calculate the monetary value of the Kikimora inventory as at 31 December 2019. (2 marks) Calculate the monetary value of the Shtriga inventory as at 31 December 2019 using the following methods: (0) First in, first out (FIFO) (ii) Weighted average cost (AVCO), recalculating the average cost after each new batch is purchased (8 marks) Construct a trading account for Nilfgaard for the year ended 31 December 2019, assuming that the business values inventory using the AVCO method. (5 marks) (c)