4. The KLK Clothing Company manufactures professionals clothing for women. In order tokeep costs low while still producing quality clothes, KLK conducts many research anddevelopment projects. On a current project KLK researchers used P35,000of cotton andP27,000 of wool from its inventory. KLK paid its researchers P30,000 in wages andpurchaseded a special weaving machine for P60,000 cash. The machine was not suitablefor use in production activities and was not expected to be used in other researchprojects. In addition, depreciation of the project's research lab amounted to P20,000.RequiredPrepare the joumal entry to record KLK's research and development costs.

Research and development cost refers to cost related to viability of a product or a new innovation…

4. The KLK Clothing Company manufactures professionals clothing for women. In order to keep costs low while still producing quality clothes, KLK conducts many research and development projeds. On a current project KLK researchers used P35,000of cotton and P27,000 of wool from its inventory. KLK paid its researchers P30,000 in wages and purchased a special weaving machine for P60,000 cash. The machine was not suitable for use in production activities and was not expected to be used in other research projects. In addition, depreciation of the project's research lab amounted to P20,000. Required Prepare the joumal entry to record KLK's research and development costs.

4. The KLK Clothing Company manufactures professionals clothing for women. In order to keep costs low while still producing quality clothes, KLK conducts many research and development projeds. On a current project KLK researchers used P35,000of cotton and P27,000 of wool from its inventory. KLK paid its researchers P30,000 in wages and purchased a special weaving machine for P60,000 cash. The machine was not suitable for use in production activities and was not expected to be used in other research projects. In addition, depreciation of the project's research lab amounted to P20,000. Required Prepare the joumal entry to record KLK's research and development costs.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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B5.
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