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Find the total research and development costs

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Question - Ward Company incurred research and development costs in 2000 as follows:

Equipment acquired for use in various research and development projects P975,000

Depreciation on the above equipment 135,000

Materials used 200,000

Compensation costs of personnel 500,000

Outside consulting fees 150,000

Indirect costs appropriately allocated 250,000

Modification to the formulation of a chemical product 140,000

Trouble-shooting in connection with break-downs and quality control during commercial production 150,000

Design of tools, jigs, molds and dies involving new technology 170,000

Seasonal or routine or other periodic design changes to existing products 185,000

Laboratory research aimed at discover of new technology 215,000

Required -

1. Find the total research and development costs charged to expenses in Ward's 2000 income statement?

 (a) P850,000 (b) P1,235,000 (c) P1,1760,000 (d) P1,825,000

2. Find the total amount charged to other operating expenses in Ward's 2000 income statement?

(a) P335,000 (b) P675,000 (c) P755,000 (d) P850,000

Reference no: EM132724795

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