Omega Ltd
 Date: 30 June 2024

Details:

• Raw materials inventory (aluminium):
  • Cost: £35,000
  • Replacement cost: £33,000
• Finished goods inventory:

Product	Theta	Lambda
Direct costs	£65,000	£50,000
Proportion of fixed overhead	£18,000	£15,000
Proportion of selling costs	£5,500	£5,000
Net realizable value	£100,000	£80,000

• Office machinery:
   Acquired on 1 July 2018 for £280,000, depreciated over 8 years using the reducing balance method.
• Freehold property:
   Acquired 15 years ago for £2,700,000, land value estimated at £700,000. Buildings are depreciated over 60 years.
• Research and development:
  • Research costs: £350,000
  • Development costs: £550,000, benefiting over 6 years.

Required:
 Discuss how these items should be accounted for in Omega Ltd's financial statements for the year ending 30 June 2024.