Question
Montgomery Industries spent $690,000 in 2023 on a construction project to build a library. Montgomery also capitalized $34,500 of interest on the project in 2023.
Montgomery Industries spent $690,000 in 2023 on a construction project to build a library. Montgomery also capitalized $34,500 of interest on the project in 2023. Montgomery financed 100% of the construction with a 10% construction loan. The project was completed on September 30, 2024. Additional expenditures in 2024 were as follows:
| February 28 | $ 98,100 |
|---|---|
| April 30 | 188,100 |
| July 1 | 44,100 |
| September 30 | 72,100 |
Required:
Determine the completed cost of the library.
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan
14th Global Edition
978-0273753872, 0273753878
