Mu Ltd
 Date: 30 April 2024

Details:

• Raw materials inventory (metal):
  • Cost: £30,000
  • Replacement cost: £28,000
• Finished goods inventory:

Product	Omicron	Pi
Direct costs	£65,000	£55,000
Proportion of fixed overhead	£18,000	£16,000
Proportion of selling costs	£5,000	£4,500
Net realizable value	£105,000	£85,000

• Office machinery:
   Acquired on 1 May 2018 for £310,000, depreciated over 9 years using the reducing balance method.
• Freehold property:
   Acquired 18 years ago for £3,000,000, land value estimated at £700,000. Buildings are depreciated over 60 years.
• Research and development:
  • Research costs: £710,000
  • Development costs: £1,270,000, benefiting over 6 years.

Required:
 Discuss how these items should be presented in Mu Ltd's financial statements for the period ending 30 April 2024.