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Theta Inc. Date: 30 June 2024Details:Raw material inventory (aluminium):Cost: £60,000Replacement cost: £58,000Finished goods inventory:ProductEpsilonZetaDirect costs£90,000£70,000Proportion of...

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Question

Accounting

Theta Inc.
 Date: 30 June 2024

Details:

  1. Raw material inventory (aluminium):
    • Cost: £60,000
    • Replacement cost: £58,000
  2. Finished goods inventory:

Product

Epsilon

Zeta

Direct costs

£90,000

£70,000

Proportion of fixed overhead

£22,000

£18,000

Proportion of selling costs

£6,000

£5,000

Net realizable value

£130,000

£105,000

  1. Equipment:
     Acquired on 1 July 2019 for £450,000, depreciated over 8 years using the straight-line method.
  2. Buildings:
     Acquired 12 years ago for £3,200,000, land value estimated at £750,000. Buildings are depreciated over 60 years.
  3. Research and development:
    • Research costs: £190,000
    • Development costs: £240,000, benefiting over 6 years.

Required:
 Prepare the financial statement adjustments for Theta Inc. for the period ending 30 June 2024.

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