Omega Co. Date: 30 September 2023Details:Raw material inventory (glass):Cost: £38,000Replacement cost: £36,000Finished goods inventory:ProductNuXiDirect costs£70,000£55,000Proportion of...
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Accounting
Omega Co.
Date: 30 September 2023
Details:
- Raw material inventory (glass):
- Cost: £38,000
- Replacement cost: £36,000
- Finished goods inventory:
Product | Nu | Xi |
Direct costs | £70,000 | £55,000 |
Proportion of fixed overhead | £16,000 | £13,000 |
Proportion of selling costs | £4,000 | £3,500 |
Net realizable value | £105,000 | £80,000 |
- Equipment:
Acquired on 1 October 2017 for £400,000, depreciated over 10 years using the straight-line method. - Buildings:
Acquired 11 years ago for £2,000,000, land value estimated at £500,000. Buildings are depreciated over 50 years. - Research and development:
- Research costs: £120,000
- Development costs: £150,000, benefiting over 5 years.
Required:
Prepare the necessary journal entries for these items in Omega Co.'s financial records for the period ending 30 September 2023.
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