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The Belgium Corp. incurred $3,000,000 of research cost and $2,200,000 of development cost during 2013.
Required:
a. Determine the amount of expense recognized on the 2013 income statement assuming Belgium uses U.S. GAAP.
b. Determine the amount of expense recognized on the 2013 income statement assuming Belgium uses IFRS.
If Job M1 resulted in 7,000 good jeans, what would be the cost of goods sold per unit? Show your work.
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