11. 12.50 A construction stone quarry in central Texas can use a percentage depletion rate of 5% of gross income or a cost depletion rate of $1.28 per ton. The quarry’s first cost was $3.2 million; estimated total tonnage is 2.5 million tons; tonnage this year is 65,000; gross income is $40 per ton. The cost depletion method amount is closest to: 1. $130,000 2. $105,500 3. $94,600 4. $83,200