Chi Ltd
 Date: 30 September 2023

Details:

• Raw materials inventory (paper):
  • Cost: £29,000
  • Replacement cost: £27,000
• Finished goods inventory:

Product	Alpha	Beta
Direct costs	£60,000	£50,000
Proportion of fixed overhead	£14,000	£12,000
Proportion of selling costs	£4,000	£3,500
Net realizable value	£95,000	£75,000

• Machinery:
   Acquired on 1 October 2017 for £280,000, depreciated over 9 years using the reducing balance method.
• Freehold property:
   Acquired 18 years ago for £2,500,000, land value estimated at £600,000. Buildings are depreciated over 55 years.
• Research and development:
  • Research costs: £330,000
  • Development costs: £510,000, benefiting over 5 years.

Required:
 Prepare the necessary journal entries for these items in Chi Ltd's financial records for the period ending 30 September 2023.