Compute the depletion cost per ton. Round your answer to three decimal places. Compute the total cost of the inventory at December 31, 2019. Compute the total cost of goods sold for 2019.

Q: in 2024, the marion company purchased land containing a mineral mine for $1,500,000. Additional…

A: Book Value of any asset means the value obtained after subtracting the depreciation amount from the…

Q: In March, 2020, Sunland Company purchased a coal mine for $8110000. Removable coal is estimated at…

A: Depreciation , amortization , depletion all means the fall in value of assets due to one reason or…

Q: On January 2, 2019, Whistler Company purchased land for $530,000, from which it is estimated that…

A: The cost of extracting natural resources from the earth, such as wood, minerals, and oil, is…

Q: Bucker Company purchased a fabrication machine on January 1, 2020 for $55,000. The machine is…

A: The depreciation expense is charged on fixed assets as the reduction in the value of fixed assets…

Q: In 2018, Titus paid #6,000,000 to purchase land containing a total estimated 160,000 tons of…

A: Depletion rate per ton= (Initial purchase amount - salvage value] / capacity of extraction of…

Q: Burrell Company purchased a machine for $36,000 on January 2, 2019. The machine has an estimated…

A: Straight line depriciation method is a depriciation method in which same amount of  depriciation on…

Q: Hardy HarHar purchases a new equipment with a cost of $55,000 on March 1, 2020.  They estimate the…

A: Cost = 55000 Salvage Value = 5000 Depreciable value = Cost  - Salvage Value = 55000 - 5000 = 50000…

Q: How much is the cost of sales related to minerals extracted in 2021 assuming a total of direct labor…

A: Summary of the information provided in the question : cost of mine purchased  = P 6000,000 coal…

Q: On April 17, 2021, the Loadstone Mining Company purchased the rights to a coal mine. The purchase…

A: DepletionDepletion is an accrual accounting technique used to allocate the cost of extracting…

Q: ackpot Mining Company operates a copper mine in central Montana. The company paid $1,900,000 in 2021…

A: A journal entry is used to record a business transaction int he accounting records of a business.

Q: On January 1, 2022, Nader Corp. purchased timberlands for $1,000,000 cash.  Under the terms of the…

A: A legal obligation that is associated with the retirement of a tangible, long-lived asset is…

Q: In January, 2021, Melon Corporation purchased a mineral mine for $3,400,000 with removable ore…

A: Natural resources deplete you over time in the same way that material goods do due to wear and tear.…

Q: Rayne Inc. purchased equipment in 2019 at a cost of $428,000. The equipment was expected to produce…

A: A tangible object's cost can be spread out over the period of its useful life using the accounting…

Q: Mercury Inc. purchased equipment in 2019 at a cost of $383,000. The equipment was expected to…

A: Depreciation is the process by which an asset's value reduces over time as a result of usage, abuse,…

Q: On October 1, 2021, the Allegheny Corporation purchased equipment for $123,000. The estimated…

A: Under unit of production method of depreciation, depreciation is calculated on the basis of the…

Q: In 2021, the Marion Company purchased land containing a mineral mine for $1,600,000. Additional…

A: Calculate the depletion of mine for the year 2021 and 2022 as follows: 1. Calculate depletion for…

Q: Depletion Feller Company purchased a site for a limestone quarry for $100,000 on January 2, 2019. It…

A: Ending inventory in tons = 80,000 - 60,000 Ending inventory in tons = 20,000 tons

Q: In January, 2023, Demba Corporation purchased a mineral mine for $3,400,000 with removable ore…

A: Natural resources deplete you over time in the same way that material goods do due to wear and tear.…

Q: On April 17, 2024, the Loadstone Mining Company purchased the rights to a copper mine. The purchase…

A: Depletion is the non-cash expense used to distribute the cost of extracting resources over the life…

Q: On January 2, 2019, Whistler Company purchased land for $530,000, from which it is estimated that…

A: Depletion expense allows an owner or the extractor to charge the cost of reserves on the basis of…

Q: The cost of equipment purchased by Charleston, Inc., on January 1, 2020, is $89,000. It is estimated…

A: Depreciation is the systematic decrease in the reported value of an asset throughout its useful life…

Q: On January 1, 2021, CAE Company acquires an asset for $450,000,000. It had to spend an additional…

A: Part (A)   01-Jan-21 Assets A/c Dr 474000000           To Bank A/c   474000000…

Q: On January 1, 2021, Morrow Inc. purchased a spooler at a cost of $40,000. The equipment is expected…

A: Depreciation expense per unit  = (Cost- residual value)/Total expected units to produce

Q: In March 2020, L&P Corp., a mining and construction company, purchased for $5,600,000 a mine…

A: Wasting assets: These are the assets which will have only a limited useful life and the value of…

Q: Brandon Oil Company recently purchased oil and natural gas reserves in a remote part of Alaska for…

A: Depletion is an expense with depreciation like nature in which the natural assets like minerals,…

Q: Nash Mining Company purchased land on February 1, 2020, at a cost of $ 914,300. It estimated that a…

A:

Q: Crane Company purchases an oil tanker depot on January 1, 2020, at a cost of $639,700. Crane expects…

A: Machine or fixed assets means the asset which is used by company for many years to come for the…

Q: Grove Co. acquired a production machine on January 1, 2019, at a cost of $550,000. The machine is…

A: Formula : Straight line method Annual depreciation       =cost – salvage value / useful life Given…

Q: urces ed depletion 20 urces ed depletion 21 urces ed depletion er's discount rate was 10%. What is…

A: Requirement 1: Unit Depletion rate per ton = ($500,000 + $ 59,000) - $30,000 ÷ 400,000 tons =…

Q: On July 1, 2019, Amplex Company purchased a coal mine for $2 million. The estimated capacity of the…

A: The answer is stated below:

Q: Gruman Company purchased a machine for $198,000 on January 2, 2019. It made the following estimates:…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: Crane Company purchases an oil tanker depot on January 1, 2020, at a cost of $639,700. Crane expects…

A: Solution:- Preparation of the journal entries to record the depot and the asset retirement…

Q: and sold immediately. Required: Calculate depletion for 2024. Is depletion considered part of the…

A:

Q: On January 2, 2019, Whistler Company purchased land for $490,000, from which it is estimated that…

A: 2019 unit depletion rate = [490,000 + 55,000 - 33,000 ] / 420,000 = 1.22 per ton 2021 unit depletion…

Q: On March 31, 2024, a company purchased the right to remove gravel from an old rock quarry. The…

A: The objective of the question is to calculate the depletion expense for the year 2024 using the…

Q: On April 20, 2020, Wilhamette Incorporated purchased the right to remove timber from a 20,000-acre…

A: Any right purchased which will be used in coming years is a intangible assets which is to be…

Q: In 2021, the Marion Company purchased land containing a mineral mine for $1,740,000. Additional…

A:

Q: Brandon Oil Company recently purchased oil and natural gas reserves in a remote part of Alaska for…

A: Depletion is charged every year to allocate the cost of the asset over the useful life of asset.

Q: Mack Company acquired property for $20,000,000 containing platinum ore mine on January 1, 2019. Mack…

A: Balance in accounting refers to the equality of total debits and total credits in an account or…

Q: On January 2, 2021, Morales Paint Company purchased a truck that cost $60,000 with a residual value…

A: Depreciation Expense - Depreciation Expense is charged on the Fixed assets of the company. It is…

Q: On January 1, 2024, Tyson Manufacturing Corporation purchased a machine for $40,000,000. Tyson's…

A: Depreciation is a reduction in the value of assets due to the usage of that asset. We can evaluate…