2014, PJ developed аrketed costs were incurred in 2014: Research and development departmental costs 95,000 Materials and supplies consumed in research 25,000 Compensation paid to research consultants 30,000 150,000 It is anticipated that these costs will be recovered in 2017. What is the record in 2014 as expense?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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In 2014, PJ developed a new product that will be marketed in 2017. In connection with the development of this product, the following
costs were incurred in 2014:
Research and development departmental
costs
95,000
Materials and supplies consumed in
research
25,000
Compensation paid to research
consultants
30,000
150,000
It is anticipated that these costs will be recovered in 2017. What is the amount of research and development costs that PJ should
record in 2014 as expense?
O Answer not given
O P50,000
O P150,000
O P120,000
O PO
Transcribed Image Text:In 2014, PJ developed a new product that will be marketed in 2017. In connection with the development of this product, the following costs were incurred in 2014: Research and development departmental costs 95,000 Materials and supplies consumed in research 25,000 Compensation paid to research consultants 30,000 150,000 It is anticipated that these costs will be recovered in 2017. What is the amount of research and development costs that PJ should record in 2014 as expense? O Answer not given O P50,000 O P150,000 O P120,000 O PO
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