Exercise 11-16 (Algo) Depletion [LO11-3] On Aprii 17, 2024, the Loadstone Mining Company purchased the rights to a copper mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the copper totaled $5,200,000. The company expects to extract 1,040,000 tons of copper during a four-year period. During 2024,254,000 tons were extracted and soid immediately. Required: 1. Calculate depletion for 2024. 2. Is depletion considered part of the product cost and included in the cost of inventory