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Diaz Company incurred the following costs during the year 2020. 1. Salaries expense related to design for a...

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Accounting

Diaz Company incurred the following costs during the year2020.

1.Salaries expense related to design for a trademark with anindefinite estimated life$12,000
2.Materials used for research and development projects for thecurrent year20,000
3.Fees paid to external consultants related to research anddevelopment projects60,000
4.Trouble-shooting in connection with breakdowns duringproduction36,000
5.Design of tooling involving new technology18,000
6.Cost of equipment (purchased January 2019) that will havealternative uses over 6 years160,000
7.Salaries expense related to updates to an existing product80,000
8.Allocation of rent expense for a facility partially used forresearch and development activities30,000
9.Routine testing of product during commercial production56,000

Determine the amount of research and development costs thatwould be disclosed in the financial statements of Diaz company forthe year 2020.

Note: Round your answer to the nearest wholedollar.

Answer & Explanation Solved by verified expert
4.4 Ratings (787 Votes)
Remote of research and development that would be disclosed in financial statements of Diaz company for the year 2020 Particulars Amount Materials used for research and development projects for current year 20000 Fee paid to external consultants relating to research and development projects 60000 Design of tooling new technology 18000 allocation of rent expenses which is partially used for research and development 30000 Totaltotal cost of research and development should be    See Answer
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