Project A – A project to investigate the properties of a chemical compound. Costs incurred on this project during the year ended 31 March 20X9were $39,000.
Project B – A project to develop a new process which will save production time in the manufacture of widgets. This project commenced on 1 April 20X8 and met the capitalisation criteria on 30November 20X8. The cost incurred during 20X9 was $83,780 to 30November and $29,800 from 1 December.
Project C – A development project which was completed on 30 September 20X9. Development costs incurred up to 31 March 20X8 were $310,000, with a further $22,700 incurred between April and September 20X9. Production and sales of the new product commenced on 1 December and are expected to last 36 months.
What amount should be expensed to the statement of profit or loss and other comprehensive income of Vermort Co in respect of these projects in the year ended 31 March 20X9?