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Lambda Inc. Date: 31 October 2023Details:Raw material inventory (glass):Cost: £35,000Replacement cost: £33,000Finished goods inventory:ProductGammaDeltaDirect costs£70,000£55,000Proportion of...

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Question

Accounting

Lambda Inc.
 Date: 31 October 2023

Details:

  1. Raw material inventory (glass):
    • Cost: £35,000
    • Replacement cost: £33,000
  2. Finished goods inventory:

Product

Gamma

Delta

Direct costs

£70,000

£55,000

Proportion of fixed overhead

£20,000

£18,000

Proportion of selling costs

£5,500

£5,000

Net realizable value

£110,000

£85,000

  1. Furniture:
     Acquired on 1 November 2017 for £300,000, depreciated over 8 years using the straight-line method.
  2. Buildings:
     Acquired 15 years ago for £2,700,000, land value estimated at £700,000. Buildings are depreciated over 55 years.
  3. Research and development:
    • Research costs: £700,000
    • Development costs: £1,250,000, benefiting over 5 years.

Required:
 Detail the necessary financial statement adjustments for Lambda Inc. as of 31 October 2023.

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