Question

A company incurred the following costs related to research and development for the current year: salaries for research employees $ 500,000 developed technology purchased in a business acquisition 250,000 in-process r&d purchased in a business acquisition 150,000 supplies used in research projects 120,000 research performed for sale to another company in the future 80,000 for what amount should the company report research and development expense?.

Answer 1

If a company incurred the following costs related to research and development for the current year: The amount that the company should report research and development expense is:$700,000.

How to find the amount to be reported as research expense?

Using this formula to find the research expense

Research expense = Salaries for research employees + Supplies used in research projects + Research performed for sale to another company in the future

Where:

Salaries for research employees=$500,000

Supplies used in research projects = $120,000

Research performed for sale to another company in the future =$80,000

Let plug in the formula

Research expense =$500,000 + $120,000 + $80,000

Research expense =$700,000

Therefore the amount  that the company should report research and development expense is $700,000.

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