Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. upsilon inc. date: 31 march 2024details:raw mater

Upsilon Inc. Date: 31 March 2024Details:Raw materials inventory (glass):Cost: £32,000Replacement cost: £30,000Finished goods inventory:ProductRhoSigmaDirect costs£70,000£55,000Proportion of...

90.2K

Verified Solution

Question

Accounting

Upsilon Inc.
 Date: 31 March 2024

Details:

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

Product

Rho

Sigma

Direct costs

£70,000

£55,000

Proportion of fixed overhead

£16,000

£14,000

Proportion of selling costs

£4,500

£4,000

Net realizable value

£105,000

£85,000

  • Equipment:
     Acquired on 1 April 2018 for £400,000, depreciated over 9 years using the reducing balance method.
  • Freehold property:
     Acquired 18 years ago for £2,300,000, land value estimated at £600,000. Buildings are depreciated over 60 years.
  • Research and development:
    • Research costs: £310,000
    • Development costs: £470,000, benefiting over 7 years.
Required:
 Discuss how these items should be presented in Upsilon Inc.'s financial statements for the year ending 31 March 2024.

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

consider setting a goal with a longer term. You have decided to save for your newborns...

Basic Math
Q

Calculate the pH at the equivalence point for the titration of 0.100 M methylamine (CH3NH2) with...

Chemistry
Q

What can the unit fraction 1 meter/3 feet be used for?To convert 25 inches to...

Basic Math
Q

The data given below show the number of overtime hours worked in one week per...

Basic Math
Q

Multiply in the indicated base 2123 X 23 2123

Calculus
Q

Sketch the graphs off and g in the same coordinate plane Include two full periods...

Calculus
Q

A distribution of nonconvertible preferred stock on common stock is taxable because the distribution ultimately...

Accounting
Q

Sarasota Corporation, a private corporation, was organized on February 1, It is authorized to issue...

Accounting
Q

Florida Berry Basket harvests early-season strawberries for shipment throughout the eastern United States in March....

Accounting
Q

Mice Corporation Products Chapter 9 Graded Homework Saved Help 6 Mickley Corporation produces two...

Accounting
Q

1) A retailer has net sales of $500,000, total assets of $1,000,000, and a net...

Accounting
Q

A firm has sales of $4,760, costs of $2,560, interest paid of $171, and depreciation...

Finance