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Phi Ltd Date: 31 August 2023Details:Raw material inventory (synthetics):Cost: £50,000Replacement cost: £48,000Finished goods inventory:ProductOmicronPiDirect costs£80,000£65,000Proportion of...

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Question

Accounting

Phi Ltd
 Date: 31 August 2023

Details:

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

Product

Omicron

Pi

Direct costs

£80,000

£65,000

Proportion of fixed overhead

£20,000

£18,000

Proportion of selling costs

£6,000

£5,000

Net realizable value

£125,000

£100,000

  1. Furniture:
     Acquired on 1 September 2016 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: £320,000
    • Development costs: £490,000, benefiting over 6 years.

Required:
 Analyze the financial statement impact of these items for Phi Ltd as of 31 August 2023.

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