Completion of detailed program design Cost incurred for coding and testing to establish technological feasibilit Other coding costs after establishment of technological feasibility Other testing costs after establishment of technological feasibility Cost of producing product masters Reproduction and duplication costs from product masters Packaging costs for the reproduced software

Completion of detailed program design Cost incurred for coding and testing to establish technological feasibilit Other coding costs after establishment of technological feasibility Other testing costs after establishment of technological feasibility Cost of producing product masters Reproduction and duplication costs from product masters Packaging costs for the reproduced software

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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During the current year, Pitt Company incurred costs to develop and produce a routine, low-risk computer software product. 1,300,000 Completion of detailed program design Costa incurred for coding and testing to establish technological feasibility Other coding costs after establishment of technological feasibility Other testing costs after establishment of technological feasibility Costs of producing product masters for training materials Duplication of computer software and training materials from product masters (1,000 units) Packaging product (500 units) 1,000,000 2,400,000 2,000,000 1,500,000 2,500,000 1. In the year-end statement of financial position, what amount should be reported in inventory? a. 2,500,000 b. 3,400,000 c. 4,000,000 d. 4,900,000 2. What total amount of the costs incurred should be expensed immediately? a. 8,200,000 b. 2,300,000 c. 6,700,000 d. 4,400,000 3. In the year-end statement of financial position, what amount should be capitalized as software cost? a.…
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