A company constructed a small gold mine at the cost of $24.35 million dollars. The ore body has proven reserves of 157,400 troy ounces of gold. The residue value of the mine, after the ore deposit is extracted, is $745,000: During the first year of operation, 23,250 troy ounces of gold was extracted, of which, 19,540 ounces were sold. Calculate depletion per troy ounce to the nearest penny ($1.23). Calculate the following: 1. Depletion cost per troy ounce 2. Depletion cost allocated to year-end inventory