Question: 16. Howard Co. incurred research and development costs in 2010 as follows: Materials used in research and development projects $ 400,000 Equipment acquired that will

16. Howard Co. incurred research and development costs in 2010 as follows:

Materials used in research and development projects $ 400,000 Equipment acquired that will have alternate future uses in future research and development projects 2,000,000 Depreciation for 2010 on above equipment 500,000 Personnel costs of persons involved in research and development projects 1,000,000 Consulting fees paid to outsiders for research and development projects 100,000 Indirect costs reasonably allocable to research and development projects 200,000

$4,200,000 The amount of research and development costs charged to Howard’s 2010 income statement should be

a. $1,500,000

b. $1,700,000

c. $2,200,000

d. $3,500,000

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