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Software, R&D Costs Practice Test
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Q1
Coleman Inc produces software for sale and internal use. In the current year, Coleman incurred the following costs: research & development costs outsourced to a third party of \$30,000; design and testing of preproduction prototypes of \$110,000; testing in search for new products of \$15,000; and quality control costs of \$18,000. What amount of costs should be expensed as research & development in the current year?
Coleman Inc produces software for sale and internal use. In the current year, Coleman incurred the following costs: research & development costs outsourced to a third party of \$30,000; design and testing of preproduction prototypes of \$110,000; testing in search for new products of \$15,000; and quality control costs of \$18,000. What amount of costs should be expensed as research & development in the current year?