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All-That-Glitters Mining Company paid $49.250.000 for a parcel of land, including the gold mining rights. In addition, the company spent $7.462.500 to prepare the site for mining operations. It is estimated that the residual value of the asset will be $5.300.000. Geologists estimate the site contains a total of 225.000 ounces of gold.
a. What is the average depletion cost per ounce?
Total depletion = 49.250.000 + 7.462.500 - 5.300.000 = $51,412,500
Average depletion cost per ounce =
b. If 16,200 ounces were mined in the first year of operation, what is the amount of the depletion cost?
First-year depletion cost =
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Chapter 17 Solutions
Contemporary Mathematics for Business & Consumers
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