On Jan 01, 2015 NMC purchased a bauxite mine for $12 million anticipating that it would yield a total of 25 million tons of ore during a 10-year period. NMC estimated that after extracting the bauxite the land would be worth $2 million In Jan 2020, after extracting 14 million tons NMC revised the estimated yield down from 25 to 20 million tons, and the residual value of the land down from $2 million to $1 million. For two marks determine the cost per ton of bauxite as at Jan 01, 2020.