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Beta Inc. Date: 30 June 2023Details:Raw material inventory (rubber):Cost: £25,000Replacement cost: £27,000Finished goods inventory:ProductOmicronPiDirect costs£60,000£50,000Proportion of...

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Question

Accounting

Beta Inc.
 Date: 30 June 2023

Details:

  1. Raw material inventory (rubber):
    • Cost: £25,000
    • Replacement cost: £27,000
  2. Finished goods inventory:

Product

Omicron

Pi

Direct costs

£60,000

£50,000

Proportion of fixed overhead

£14,000

£12,000

Proportion of selling costs

£3,500

£3,000

Net realizable value

£90,000

£75,000

  1. Vehicles:
     Acquired on 1 July 2018 for £300,000, depreciated over 10 years using the straight-line method.
  2. Buildings:
     Acquired 15 years ago for £1,500,000, land value estimated at £450,000. Buildings are depreciated over 50 years.
  3. Research and development:
    • Research costs: £130,000
    • Development costs: £170,000, benefiting over 5 years.

Required:
 Determine the appropriate accounting treatment for these items in Beta Inc.'s financial statements as of 30 June 2023.

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