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What amount should Marmalade report as research

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Question - During the year, Marmalade Company began work on a research and development project. The project was completed and commercial production of the developed product began in December. All of the following expenditures were included in the R&D expense account:

Salaries and wages for laboratory research: 1,000,000

Design of preproduction prototype: 200,000

Construction of preproduction prototype: 150,000

Quality control during commercial production: 100,000

Materials and supplies consumed for laboratory research: 400,000

Purchase of equipment which will be used in current and future projects (useful life is 5 years): 600,000

Patent filing and legal fees for completed project: 50,000

Payments to others for research: 300,000

Required - What amount should Marmalade report as research and development expense for the current year?

Reference no: EM132896037

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