Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. psi corporation date: 31 december 2023details:raw

Psi Corporation Date: 31 December 2023Details:Raw material inventory (metal):Cost: £33,000Replacement cost: £31,000Finished goods inventory:ProductGammaDeltaDirect costs£70,000£55,000Proportion of...

80.2K

Verified Solution

Question

Accounting

Psi Corporation
 Date: 31 December 2023

Details:

  1. Raw material inventory (metal):
    • Cost: £33,000
    • Replacement cost: £31,000
  2. Finished goods inventory:

Product

Gamma

Delta

Direct costs

£70,000

£55,000

Proportion of fixed overhead

£18,000

£15,000

Proportion of selling costs

£5,000

£4,500

Net realizable value

£110,000

£85,000

  1. Equipment:
     Acquired on 1 January 2019 for £310,000, depreciated over 10 years using the straight-line method.
  2. Buildings:
     Acquired 12 years ago for £2,300,000, land value estimated at £500,000. Buildings are depreciated over 55 years.
  3. Research and development:
    • Research costs: £340,000
    • Development costs: £530,000, benefiting over 7 years.

Required:
 Explain how these items should be reflected in Psi Corporation's balance sheet and income statement for the period ending 31 December 2023.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Your friend is the accountant for Jackrabbit Inc., a computerserver startup company. The friend...

Accounting
Q

How are social roles factors contributing to more depression in women than men? explain ?

Psychology
Q

Dutch elm disease is a disease that affects elm trees and is caused by a...

Biology
Q

Give your answer in Joule Question 9 3 The electric field intensity at a point...

Physics
Q

Triangles Directions Decide whether the pairs of triangles are congruent If so say whether they...

Geometry
Q

If a function f has an inverse and f x 1 then f 1 If...

Calculus
Q

Find the center and foci of the ellipse:9x + 16y + 126x + 96y +...

Algebra
Q

Marigold Corp. Inc. had a beginning inventory of...

Accounting
Q

Marks Consulting experienced the following transactions for 2000, its first year of operations, and 2001....

Accounting
Q

Please show formula used to get answer. 27, A firm operated at...

Accounting
Q

Please help me work out this problem Problem 5.2 Before 2005,...

Accounting
Q

You are considering whether you should invest $12 million at time 0 for the following...

Finance