Blossom Co. incurred research and development costs in 2021 as follows:Materials used in research and development projects$   940000Equipment acquired that will have alternate future uses in future research and development projects2900000Depreciation for 2021 on above equipment483333Personnel costs of persons involved in research and development projects740000Consulting fees paid to outsiders for research and development projects290000Indirect costs reasonably allocable to research and development projects     215000 $5568333The amount of research and development costs charged to Blossom's 2021 income statement should be ?

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Asked Nov 21, 2019
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Blossom Co. incurred research and development costs in 2021 as follows:

Materials used in research and development projects $   940000
Equipment acquired that will have alternate future uses in future research  
and development projects 2900000
Depreciation for 2021 on above equipment 483333
Personnel costs of persons involved in research and development projects 740000
Consulting fees paid to outsiders for research and development projects 290000
Indirect costs reasonably allocable to research and development projects      215000
 
$5568333


The amount of research and development costs charged to Blossom's 2021 income statement should be ?

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Research and development costs refers to the expenditures spent on research, development, improvement or introduc...

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