Answer : C

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Use the following information for the next four questions. In 20X5, Bechom Mining Ltd (Beckom) paid $450,000 for a mining property in Queensland and $2000,000 for associated exploratory rights and $350,000 assaying and sampling the local ore body. Having determined economically-recoverable coal reserves of 680,000 tonnes, Beckom built a processing plant on site and associated access roads at a cost of $1 million. The aggregate residual value of all the properties is $120,000. Relocatable housing was erected for $350,000 and deemed to have a useful life of 5 years. In 20X6, production commenced and the following data was generated for the year: Ore extracted (tonnes) Ore sold at $70/tonne Production cost (excluding depreciation/ amortisation) Administrative expenses Selling expenses Tax 175,000 tonnes 125,000 tonnes $28/tonnes $24,000 $18,000 $60,000 8. What was the value of the ore inventory at year-end 20X6? a) $1,880,471 b) $1,876,765 c) $1,869,882 d) $1,746,971 e) $1,189,882