In 2024, Austin Powers Corporation developed a new product that will be marketed in 2025. In connection with the development of this product, the following costs were incurred in 2024: 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 2027. What is the amount of research and development costs that Austin Powers should record in 2024 as a charge to expense?