On March 31, 2021, M. Belotti purchased the right to remove gravel from an old rock quarry. The gravel is to be sold as roadbed for highway construction. The cost of the quarry rights was $345,800, with estimated salable rock of 38,000 tons. During 2021, Belotti loaded and sold 5,500 tons of rock and estimated that 32,500 tons remained at December 31, 2021. At January 1, 2022, Belotti estimated that 16,500 tons still remained. During 2022, Belotti loaded and sold 11,000 tons. Belotti uses the units-of-production method. Belotti would record depletion in 2022 of: (Round cost per ton to two decimal places.)
On March 31, 2021, M. Belotti purchased the right to remove gravel from an old rock quarry. The gravel is to be sold as roadbed for highway construction. The cost of the quarry rights was $345,800, with estimated salable rock of 38,000 tons. During 2021, Belotti loaded and sold 5,500 tons of rock and estimated that 32,500 tons remained at December 31, 2021. At January 1, 2022, Belotti estimated that 16,500 tons still remained. During 2022, Belotti loaded and sold 11,000 tons. Belotti uses the units-of-production method. Belotti would record depletion in 2022 of: (Round cost per ton to two decimal places.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
On March 31, 2021, M. Belotti purchased the right to remove gravel from an old rock quarry. The gravel is to be sold as roadbed for highway construction. The cost of the quarry rights was $345,800, with estimated salable rock of 38,000 tons. During 2021, Belotti loaded and sold 5,500 tons of rock and estimated that 32,500 tons remained at December 31, 2021. At January 1, 2022, Belotti estimated that 16,500 tons still remained. During 2022, Belotti loaded and sold 11,000 tons. Belotti uses the units-of-production method.
Belotti would record depletion in 2022 of: (Round cost per ton to two decimal places.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education