1. Privett, Inc. purchased land in 2019. An existing structure was demolished, and a new warehouse was constructed on the property in September of 2019. Privett hired construction workers at a rate of $25 per hour to do the work (1,680 hours in total). Privetts operations manager spent 25% of his time in September supervising the construction.

Warehouse Construction Cost Data
Purchase price Land	$125,000	Cost to remove structure on land	$10,000
Operation managers monthly salary	5,000	Proceeds from sale of metal from demolished structure	3,000
Paving of parking lot	10,000	Landscaping costs	12,000
Foundation work	15,000	Direct materials Warehouse	105,000
Parking lot lighting	10,000	Closing costs on land purchase	5,000
Electrical/Plumbing contractors	25,000
Hourly wage rate Workers	25	Payroll tax rate (all employees)	10%

Privett had an appraisal done in October 2019. The land and land improvements were appraised for $150,000 and $50,000, respectively; the building was appraised for $175,000.

What is the cost of the warehouse project recorded on the books?