Sec 18 - There are two parts to this question, namely, Part A & Part B. You are required to provide your response to each of these parts. Vigilant LLC, a newly incorporated company, uses the latest version of a software package (EXODUS) to cost and value its inventory. The software provides figures for both the LIFO and FIFO approaches for inventory valuation. The following are the purchases and sales made by Vigilant LLC during 2018. You may assume that all sales are made at the end of the month whereas purchases are made at the beginning of the month. Date Particulars Qty Rate Jan-2018 Opening Inventory 5000 250 Feb-2018 Sales 3600 350 Mar-2018 Purchase 12000 265 Apr-2018 Sales 8000 375 May-2018 Purchase Return 1000 265 Jun-2018 Sales 2500 385 Jul-2018 Sales Return 200 385 Aug-2018 Purchase 15000 255 Sep-2018 Purchase 20000 275 Oct-2018 Sales 18000 410 Nov-2018 Dec-2018 Purchase Sales 10000 260 26000 375 Q18. Part A: You are required to arrive at the amount at which closing inventory will be shown in the balance sheet as on 31st December 2015 using the FIFO approach. (1.5 Marks)