Reference no: EM132951024
Question - During 2020, Cher Association. incurred costs to develop and produce a routine, low-risk computer software product as follows:
Completion of detailed program design or working model- 1,000,000
Cost incurred for coding and testing to establish technological feasibility- 200,000
Other coding costs after the establishment of technological feasibility- 2,000,000
Other testing costs after the establishment of technological feasibility- 1,500,000
Costs of producing product masters for training materials- 2,500,000
Duplication of computer software and training materials from product master- 3,000,000
Production overhead- 1,000,000
Packaging product- 500,000
Administrative overhead- 750,000
Promotional cost of the finished software- 200,000
Abnormal amount of wasted materials and labor costs- 250,000
Required - In the December 31, 2020 balance sheet, what amount should be reported as inventory?
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