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Solve the total amount to be classified as development cost

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Reference no: EM132795303

During 2020, Falcons Ltd. incurred the following costs:

Research Expense ........................................................ $ 360,000

Routine design of tools, jigs, molds, and dies ...................... 250,000

Modification of the formulation of a process ....................... 610,000

Development services performed by suppliers for Falcons ....... 325,000

Instructions

Problem 1: Assuming the 6 specific conditions have been demonstrated, calculate the total amount to be classified as development costs for Falcons Ltd., either deferred or capitalized, in 2020. Show all your calculation and provide a brief explanation of your rationale

Reference no: EM132795303

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