Calculating Depletion, Depreciation, and Ending Inventory Aerial Company acquired land containing natural resources that it planned to extract for $5.5 million on January 1, 2020. The amount allocated to the land is $220,000. Surveys estimate that the recoverable reserves will total 4.4 million tons. The company paid an additional $440,000 for development to prepare for the extraction of the resources. The company also incurred $220,000 to build roads with a useful life of 8 years. The roads will not be used for other projects. The company is obligated to restore the site after the extraction of resources. The present value of this obligation is $55,000. 528,000 tons of natural resources were extracted in 2020 and 495,000 tons were sold in 2020. Required a. Determine depletion for the natural resource in 2020.

Note: Round depletion rates to two decimals used in your calculations. Answer( )

b. Assuming that the company depreciates the cost of roads using units-of-production, determine depreciation expense for 2020.

Note: Do not round until your final answer. Round your final answer to the nearest dollar. Answer ( ).

c. Compute cost of goods sold for 2020, and ending inventory on December 31, 2020.

Note: Round depletion rates to two decimals used in your calculations. Cost of goods sold $Answer Ending inventory

answer( ).