Question

actice final exam Saved Montgomery Industries spent $660,000 in 2015 on a construction project to build a Montgomery also capitalized $33,000 of interest on the project in 2015. Montgomey man ced 100% ofthe construction with a 10% construction loan. The project was completed on September 30, 2016. Additional expenditures in 2016 were as follows: Feb. 28 Apr. 30 Jul. 1 Sept. 30 $95,400 185,400 41400 69,400 Required: Determine the completed cost of the library. (Do not round intermediate calculations.) cost of the library 1,091,530

Answer 1

	$	Period	Average expenditure
Accumulated expenditure Jan 1	693000	9/9	693000
Feb. 28	95400	7/9	74,200
Apr. 30	185400	5/9	103,000
Jul. 1	41400	3/9	13,800
Sept. 30	69400	0	0
Average Accumulated expenditure	1,084,600		884,000
Interest to be capitalized = 884000*10%*9/12= $66,300
Completed lost of Library = 1084600+66300= $1,150,900

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