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During 2007, a company began researching and developing a new product for market. By June 30, 2008, the company had determined the new product was technologically feasible and developed a business plan including identification of a ready market for the product, and a commitment of resources to ready the product for market. The company has tracked costs of the product as follows:

Research and development, Jan-June 2008 € 130,000

Research and development, July-Dec 2008 80,000

Training costs 15,000

Legal fees - patent 20,000

Mass production 120,000

Marketing launch 75,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9402913

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