1. On January 5, Faye Co. began construction of a small building. The following expenditures were incurred for construction:

January 5	$250,000
March 1	300,000
June 1	540,000

The building was completed and occupied on June 30.

To help pay for construction, $200,000 was borrowed on January 3^rd on a 12%, three-year note payable. The only other debt outstanding during the year was a $500,000, 10% note issued two years ago. Fayes fiscal year end is June 30.

Calculate the weighted-average accumulated expenditures.