Zeta Corporation Date: 30 June 2023Details:Inventory of raw material, wood:Cost: £22,000Replacement cost: £24,000Inventory of finished goods:ProductGammaDeltaDirect...
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Accounting
Zeta Corporation
Date: 30 June 2023
Details:
- Inventory of raw material, wood:
- Cost: £22,000
- Replacement cost: £24,000
- Inventory of finished goods:
Product | Gamma | Delta |
Direct costs | £50,000 | £40,000 |
Proportion of fixed overhead | £10,000 | £8,000 |
Proportion of selling costs | £2,000 | £1,500 |
Net realizable value | £70,000 | £55,000 |
- Machinery:
Purchased on 1 July 2020 for £300,000, depreciated over 15 years using the reducing balance method. - Land and Building:
Acquired 12 years ago for £750,000, with land valued at £200,000. The building is depreciated over 50 years. - Research and Development:
- Research costs: £20,000
- Development costs: £25,000, benefiting over 3 years.
Discuss the treatment of the above items in the financial statements of Zeta Corporation as of 30 June 2023.
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