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Lambda Ltd Date: 30 November 2023Details:Raw materials inventory (cotton):Cost: £35,000Replacement cost: £33,000Finished goods inventory:ProductPhiChiDirect costs£60,000£40,000Proportion of...

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Question

Accounting

Lambda Ltd
 Date: 30 November 2023

Details:

  • Raw materials inventory (cotton):
    • Cost: £35,000
    • Replacement cost: £33,000
  • Finished goods inventory:

Product

Phi

Chi

Direct costs

£60,000

£40,000

Proportion of fixed overhead

£15,000

£10,000

Proportion of selling costs

£3,500

£3,000

Net realizable value

£85,000

£55,000

  • Machinery:
     Acquired on 1 December 2019 for £350,000, depreciated over 12 years using the reducing balance method.
  • Freehold property:
     Acquired 17 years ago for £2,200,000, land value estimated at £450,000. Buildings are depreciated over 50 years.
  • Research and development:
    • Research costs: £50,000
    • Development costs: £60,000, benefiting over 4 years.

Required:
 Detail the impact of these items on the financial statements of Lambda Ltd as of 30 November 2023.

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