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Delta Inc. Date: 30 April 2024Details:Raw material inventory (textiles):Cost: £50,000Replacement cost: £48,000Finished goods inventory:ProductLambdaKappaDirect costs£85,000£70,000Proportion of...

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Question

Accounting

Delta Inc.
 Date: 30 April 2024

Details:

  1. Raw material inventory (textiles):
    • Cost: £50,000
    • Replacement cost: £48,000
  2. Finished goods inventory:

Product

Lambda

Kappa

Direct costs

£85,000

£70,000

Proportion of fixed overhead

£22,000

£18,000

Proportion of selling costs

£5,500

£4,500

Net realizable value

£130,000

£100,000

  1. Furniture:
     Acquired on 1 May 2020 for £250,000, depreciated over 8 years using the straight-line method.
  2. Buildings:
     Acquired 20 years ago for £3,000,000, land value estimated at £750,000. Buildings are depreciated over 60 years.
  3. Research and development:
    • Research costs: £150,000
    • Development costs: £200,000, benefiting over 5 years.

Required:
 Prepare the journal entries for Delta Inc. to record the adjustments as of 30 April 2024.

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