Gamma Inc.
 Date: 31 July 2023

Details:

1. Raw material inventory (ceramics):
   • Cost: £32,000
   • Replacement cost: £30,000
2. Finished goods inventory:

Product	Omicron	Pi
Direct costs	£70,000	£55,000
Proportion of fixed overhead	£18,000	£15,000
Proportion of selling costs	£5,000	£4,500
Net realizable value	£110,000	£85,000

3. Vehicles:
    Acquired on 1 August 2017 for £310,000, depreciated over 10 years using the straight-line method.
4. Buildings:
    Acquired 12 years ago for £2,600,000, land value estimated at £600,000. Buildings are depreciated over 55 years.
5. Research and development:
   • Research costs: £380,000
   • Development costs: £610,000, benefiting over 7 years.

Required:
 Prepare the necessary journal entries for these items in Gamma Inc.'s financial records for the period ending 31 July 2023.