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What is the amount of research and development costs

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Question - In 2009, Austin Powers Corporation developed a new product that will be marketed in 2010. In connection with the development of this product, the following costs were incurred in 2009: research and development costs $400,000; materials and supplies consumed $60,000; and compensation paid to research consultants $125,000. It is anticipated that these costs will be recovered in 2012. What is the amount of research and development costs that Austin Powers should record in 2009 as a charge to expense?

Reference no: EM131806819

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