Psi Ltd
 Date: 31 December 2023

Details:

1. Raw material inventory (synthetics):
   • Cost: £35,000
   • Replacement cost: £33,000
2. 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	£100,000	£80,000

3. Vehicles:
    Acquired on 1 January 2018 for £320,000, depreciated over 10 years using the straight-line method.
4. Buildings:
    Acquired 17 years ago for £2,600,000, land value estimated at £650,000. Buildings are depreciated over 55 years.
5. Research and development:
   • Research costs: £580,000
   • Development costs: £1,010,000, benefiting over 5 years.

Required:
 Analyze the financial statement impact of these items for Psi Ltd as of 31 December 2023.