Woodstock Pastries has experienced growing sales and management is looking to expand. They currently own a lot on Main Street, a good location for a retail shop as indicated by a marketing survey. The survey cost was $20,000. The lot was purchased five years ago at a cost of $300,000. Today, the property could be sold for only $160,000 because of the drop in real estate prices. The land will have to be cleared before a new shop can be built at a cost of $30,000. The company can then build a new shop at an estimated cost of $300,000. Finally, the management has recently allocated $100,000 in new executive salaries to the new store. What is the cost of this expansion project?

Subject is Finance