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Xi Ltd Date: 30 September 2023Details:Raw materials inventory (cotton):Cost: £44,000Replacement cost: £42,000Finished goods inventory:ProductNuXiDirect costs£90,000£75,000Proportion of...

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Question

Accounting

Xi Ltd
 Date: 30 September 2023

Details:

  • Raw materials inventory (cotton):
    • Cost: £44,000
    • Replacement cost: £42,000
  • Finished goods inventory:

Product

Nu

Xi

Direct costs

£90,000

£75,000

Proportion of fixed overhead

£20,000

£18,000

Proportion of selling costs

£5,000

£4,500

Net realizable value

£135,000

£105,000

  • Office machinery:
     Acquired on 1 October 2018 for £260,000, depreciated over 10 years using the reducing balance method.
  • Freehold property:
     Acquired 20 years ago for £3,100,000, land value estimated at £700,000. Buildings are depreciated over 55 years.
  • Research and development:
    • Research costs: £250,000
    • Development costs: £350,000, benefiting over 7 years.

Required:
 Prepare the necessary financial statement adjustments for Xi Ltd as of 30 September 2023.

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