(Answered) Question - richard co incurred research and development

Accounting

Question - Richard Co. incurred research and development costs in 2011 as follows:

Equipment acquired for use in various research and development projects ...............................$500,000

Depreciation on the above equipment ..................67,500

Materials used .......................................100,000

Compensation costs of personnel ......................250,000

Outside consulting fees ..............................75,000

Indirect costs appropriately allocated ...............125,000

The total research and development costs charged in Richard's 2011 income statement should be.

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