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Xi Inc. Date: 30 June 2023Details:Raw material inventory (fiber):Cost: £45,000Replacement cost: £43,000Finished goods inventory:ProductAlphaBetaDirect costs£90,000£70,000Proportion of...

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Question

Accounting

Xi Inc.
 Date: 30 June 2023

Details:

  1. Raw material inventory (fiber):
    • Cost: £45,000
    • Replacement cost: £43,000
  2. Finished goods inventory:

Product

Alpha

Beta

Direct costs

£90,000

£70,000

Proportion of fixed overhead

£25,000

£20,000

Proportion of selling costs

£6,000

£5,000

Net realizable value

£130,000

£95,000

  1. Furniture:
     Acquired on 1 July 2019 for £200,000, depreciated over 10 years with no residual value using the straight-line method.
  2. Buildings:
     Acquired 18 years ago for £1,800,000, land value estimated at £400,000. Buildings are depreciated over 50 years.
  3. R&D expenditure:
    • Research: £65,000
    • Development: £80,000, benefiting over 6 years.

Required:
 Analyze how these items will impact Xi Inc.'s balance sheet and income statement for the period ending 30 June 2023.

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