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Find the amount of research and development costs

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Reference no: EM132950029

Question - Hall Co. incurred research and development costs in 2011 as follows:

Materials used in research and development projects P 450,000

Equipment acquired that will have alternate future uses in future research and development projects 3,000,000

Depreciation for 2011 on above equipment 300,000

Personnel costs of persons involved in research and development projects 750,000

Consulting fees paid to outsiders for research and development projects 300,000

Indirect costs reasonably allocable to research and development projects 225,000

P5,025,000

Assume economic viability has not been achieved.

Required - Find the amount of research and development costs charged to Hall's 2011 income statement?

Reference no: EM132950029

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