Upsilon Co.
 Date: 31 October 2023

Details:

1. Raw material inventory (copper):
   • Cost: £45,000
   • Replacement cost: £43,000
2. Finished goods inventory:

Product	Gamma	Delta
Direct costs	£80,000	£60,000
Proportion of fixed overhead	£18,000	£15,000
Proportion of selling costs	£5,000	£4,000
Net realizable value	£120,000	£90,000

3. Office equipment:
    Acquired on 1 November 2018 for £320,000, depreciated over 7 years using the straight-line method.
4. Buildings:
    Acquired 14 years ago for £1,800,000, land value estimated at £500,000. Buildings are depreciated over 55 years.
5. Research and development:
   • Research costs: £95,000
   • Development costs: £120,000, benefiting over 6 years.

Required:
 Detail how these items should be accounted for in Upsilon Co.'s financial statements for the period ending 31 October 2023.