Research Corp., a publicly accountable entity, incurred the following costs in its research and development division:...
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Research Corp., a publicly accountable entity, incurred the following costs in its research and development division: Aug 1- Dec. 31, Jan 1 - July 31, 2021 2021 Materials 10,000 12,000 Labour costs 15.000 32,000 Directly attributable overhead 8,000 15,000 At July 31, 2021, Research Corp. determined that the project was technically feasible and commercially viable. Research Corp. had sufficient resources and intentions to complete the project and was confident that there was demand in the marketplace for the product. Measurement of amounts allocated above are reliable. Required: How much, if any, of the costs can be capitalized for fiscal 2021? k Research Corp., a publicly accountable entity, incurred the following costs in its research and development division: Aug 1- Dec. 31, Jan 1 - July 31, 2021 2021 Materials 10,000 12,000 Labour costs 15.000 32,000 Directly attributable overhead 8,000 15,000 At July 31, 2021, Research Corp. determined that the project was technically feasible and commercially viable. Research Corp. had sufficient resources and intentions to complete the project and was confident that there was demand in the marketplace for the product. Measurement of amounts allocated above are reliable. Required: How much, if any, of the costs can be capitalized for fiscal 2021? k
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Costs capitalised for the fiscal year 2021 Particurals Amount Material 12000 Labour costs 3200... View the full answer
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
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