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Seventy-five percent of the research and development and selling expenses were traceable to Askin. Profit before taxes for the Askin product, per life-cycle income statements, is:

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Answer: $475,000

Explanation:

75% of both the research and development and selling expenses were traceable to Askin.

= 75% * (1,170,000 + 130,000)

= $975,000

Profit before taxes for Askin = Askin Gross Profit - Share of expenses

= 1,400,000 - 975,000

= $475,000

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