Oriole Company incurred the following costs during the current year in connection with its research and development activities.

Cost of equipment acquired that will have alternative
uses in future R&D projects over the next 5 years
(uses straight-line depreciation)		$287,500
Materials consumed in R&D projects		56,500
Consulting fees paid to outsiders for R&D projects		125,000
Personnel costs of persons involved in R&D projects		125,500
Indirect costs reasonably allocable to R&D projects		46,500
Materials purchased for future R&D projects		33,500

Compute the amount to be reported as research and development expense by Oriole on its current year income statement. Assume equipment is purchased at the beginning of the year.

Total to be expensed for research and Development