Omega Co.
 Date: 30 September 2023

Details:

1. Raw material inventory (glass):
   • Cost: £38,000
   • Replacement cost: £36,000
2. Finished goods inventory:

Product	Nu	Xi
Direct costs	£70,000	£55,000
Proportion of fixed overhead	£16,000	£13,000
Proportion of selling costs	£4,000	£3,500
Net realizable value	£105,000	£80,000

3. Equipment:
    Acquired on 1 October 2017 for £400,000, depreciated over 10 years using the straight-line method.
4. Buildings:
    Acquired 11 years ago for £2,000,000, land value estimated at £500,000. Buildings are depreciated over 50 years.
5. Research and development:
   • Research costs: £120,000
   • Development costs: £150,000, benefiting over 5 years.

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