Omicron Inc.
 Date: 30 September 2023

Details:

1. Raw material inventory (fiber):
   • Cost: £40,000
   • Replacement cost: £38,000
2. Finished goods inventory:

Product	Gamma	Delta
Direct costs	£70,000	£55,000
Proportion of fixed overhead	£20,000	£18,000
Proportion of selling costs	£5,500	£5,000
Net realizable value	£110,000	£85,000

3. Vehicles:
    Acquired on 1 October 2017 for £320,000, depreciated over 9 years using the straight-line method.
4. Buildings:
    Acquired 14 years ago for £2,700,000, land value estimated at £700,000. Buildings are depreciated over 55 years.
5. Research and development:
   • Research costs: £500,000
   • Development costs: £850,000, benefiting over 7 years.

Required:
 Discuss the accounting treatment for these items in Omicron Inc.'s financial statements for the period ending 30 September 2023.