Omicron Inc.
 Date: 30 April 2024

Details:

1. Raw material inventory (metal):
   • Cost: £47,000
   • Replacement cost: £45,000
2. Finished goods inventory:

Product	Omicron	Pi
Direct costs	£100,000	£80,000
Proportion of fixed overhead	£24,000	£20,000
Proportion of selling costs	£6,000	£5,000
Net realizable value	£140,000	£110,000

3. Vehicles:
    Acquired on 1 May 2019 for £340,000, depreciated over 10 years using the straight-line method.
4. Buildings:
    Acquired 14 years ago for £2,700,000, land value estimated at £600,000. Buildings are depreciated over 50 years.
5. Research and development:
   • Research costs: £260,000
   • Development costs: £370,000, benefiting over 5 years.

Required:
 Determine the appropriate accounting treatment for these items in Omicron Inc.'s financial statements as of 30 April 2024.