Lucky Mae Company incurred research and development costs in 2020 as follows: Equipment acquired for various researches and development projects P1,400,000; Depreciation on the above equipment P140,000; Materials used P136,000; Compensation cost for personnel P450,000; Outside consulting fees P87,000; Indirect costs appropriately allocated P120,000. What is the total research and development cost charged in Lucky Mae's Income Statement?
Lucky Mae Company incurred research and development costs in 2020 as follows: Equipment acquired for various researches and development projects P1,400,000; Depreciation on the above equipment P140,000; Materials used P136,000; Compensation cost for personnel P450,000; Outside consulting fees P87,000; Indirect costs appropriately allocated P120,000. What is the total research and development cost charged in Lucky Mae's Income Statement?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 8MC: On July 1, 2018, Mundo Corporation purchased factory equipment for 50,000. Residual value was...
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Lucky Mae Company incurred research and development costs in 2020 as follows: Equipment acquired for various researches and development projects P1,400,000;
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