178 Annual Report 2022 Notes to the Financial Statements For the Financial Year Ended 30 September 2022 PROPERTY DEVELOPMENT COSTS (CONT’D) 21. freehold and leasehold land amounting to RM325,279,655 (2021: RM354,347,145) represent entitlements of the landowners pursuant to joint venture and joint land development agreements to undertake property development projects. The titles to the development land will be transferred from landowners to the property purchasers. (iii) INVENTORIES During the financial year, the cost of inventories recognised as an expense in cost of sales of the Group is RM284,662,889 (2021: RM255,267,394). During the financial year, the Group transferred completed inventories amounted to RM17,749,731 to investment properties as disclosed in Note 14 due to the change in management intention. 22. 2022 RM 2021 RM The Group 161,770,892 151,281,921 261,879 207,926 326,557 46,966 1,126,523 1,193,265 19,413 30,346 At cost: Raw materials Work-in-progress Finished goods Food and beverages 14,567,267 16,844,665 12,693,641 20,804,242 17,713,779 30,065,500 115,061,833 82,089,011 Plantation consumables Fertilizers Crude palm oil and palm kernel Completed development properties CONTRACT ASSETS AND CONTRACT LIABILITIES 23. 2022 RM 2021 RM The Group 270,120,261 299,377,627 285,493,960 305,448,829 (15,373,699) (6,071,202) 270,120,261 299,377,627 328,008,746 270,120,261 Contract assets Contract liabilities Net At beginning of year 128,622,847 143,337,720 508,064,120 538,116,223 (694,575,452) (652,196,577) Consideration paid/payable to customers Revenue recognised during the year Progress billing during the year At end of year
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