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Sigma Corporation Date: 31 March 2024Details:Raw materials inventory (fiber):Cost: £32,000Replacement cost: £30,000Finished goods inventory:ProductGammaDeltaDirect costs£65,000£55,000Proportion of...

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Question

Accounting

Sigma Corporation
 Date: 31 March 2024

Details:

  • Raw materials inventory (fiber):
    • Cost: £32,000
    • Replacement cost: £30,000
  • Finished goods inventory:

Product

Gamma

Delta

Direct costs

£65,000

£55,000

Proportion of fixed overhead

£18,000

£16,000

Proportion of selling costs

£5,000

£4,500

Net realizable value

£105,000

£85,000

  • Office machinery:
     Acquired on 1 April 2017 for £330,000, depreciated over 9 years using the reducing balance method.
  • Freehold property:
     Acquired 20 years ago for £2,900,000, land value estimated at £750,000. Buildings are depreciated over 60 years.
  • Research and development:
    • Research costs: £770,000
    • Development costs: £1,390,000, benefiting over 7 years.

Required:
 Detail the necessary financial statement adjustments for Sigma Corporation as of 31 March 2024.

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