Upsilon Inc.
 Date: 31 March 2024

Details:

• Raw materials inventory (glass):
  • Cost: £32,000
  • Replacement cost: £30,000
• Finished goods inventory:

Product	Rho	Sigma
Direct costs	£70,000	£55,000
Proportion of fixed overhead	£16,000	£14,000
Proportion of selling costs	£4,500	£4,000
Net realizable value	£105,000	£85,000

• Equipment:
   Acquired on 1 April 2018 for £400,000, depreciated over 9 years using the reducing balance method.
• Freehold property:
   Acquired 18 years ago for £2,300,000, land value estimated at £600,000. Buildings are depreciated over 60 years.
• Research and development:
  • Research costs: £310,000
  • Development costs: £470,000, benefiting over 7 years.

Required:
 Discuss how these items should be presented in Upsilon Inc.'s financial statements for the year ending 31 March 2024.