A company constructed a small gold mine at the cost of $23.45 million dollars. The ore body has proven reserves of 175,400 troy ounces of gold. The residue value of the mine, after the ore deposit is extracted, is $754,000. During the first year of operation, 20,250 troy ounces of gold was extracted, of which, 15,900 ounces were sold. Calculate the following: 1. Depletion cost per troy ounce Answer 2. Depletion cost allocated to year-end inventory Answer