Lambda Inc.
 Date: 30 June 2024

Details:

1. Raw material inventory (textiles):
   • Cost: £42,000
   • Replacement cost: £40,000
2. Finished goods inventory:

Product	Theta	Iota
Direct costs	£70,000	£55,000
Proportion of fixed overhead	£20,000	£18,000
Proportion of selling costs	£5,000	£4,500
Net realizable value	£110,000	£90,000

3. Equipment:
    Acquired on 1 July 2018 for £320,000, depreciated over 7 years using the straight-line method.
4. Buildings:
    Acquired 12 years ago for £2,400,000, land value estimated at £600,000. Buildings are depreciated over 55 years.
5. Research and development:
   • Research costs: £220,000
   • Development costs: £290,000, benefiting over 6 years.

Required:
 Detail how these items should be presented in Lambda Inc.'s financial statements for the period ending 30 June 2024.