[icanexam]

I think development cost is associated with intangible asset. It is capitalised in the financial statement if it meets the recignituon criteria. One the criticAl recognition criteria is its technical feasibility.

[icanexam]

Calculate 70% of sales
$
Sales = 280,0000
Less commission (15%*280,000)=42,000
= 238,000
cost of inventory
70%*460000= 322,000
Closing inventory 460k- 322k

[icanexam]

Added to retained earnings.

[icanexam]

Yes

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