Sigma Ltd Date: 31 December 2023Details:Raw materials inventory (glass):Cost: £38,000Replacement cost: £36,000Finished goods inventory:ProductGammaDeltaDirect costs£65,000£50,000Proportion of...
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Accounting
Sigma Ltd
Date: 31 December 2023
Details:
- Raw materials inventory (glass):
- Cost: £38,000
- Replacement cost: £36,000
- Finished goods inventory:
Product | Gamma | Delta |
Direct costs | £65,000 | £50,000 |
Proportion of fixed overhead | £18,000 | £16,000 |
Proportion of selling costs | £5,500 | £5,000 |
Net realizable value | £105,000 | £80,000 |
- Vehicles:
Acquired on 1 January 2017 for £330,000, depreciated over 9 years using the reducing balance method. - Freehold property:
Acquired 20 years ago for £3,000,000, land value estimated at £750,000. Buildings are depreciated over 60 years. - Research and development:
- Research costs: £530,000
- Development costs: £910,000, benefiting over 7 years.
Prepare the necessary financial statement adjustments for Sigma Ltd as of 31 December 2023.
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