Question
Feller company purchased a site for a limestone quarry for $100,000 on January 2, 2016. is estimated that the quarry will yield 400,000 tons of
Feller company purchased a site for a limestone quarry for $100,000 on January 2, 2016. is estimated that the quarry will yield 400,000 tons of limestone. it estimate that it's retirement obligation has a fair value of $20,000, after which the land could be sold for $10,000. in 2016, 80,000 tons were quarried and 60,000 tons sold. costs of production (excluding depletion ) are $4 per ton. required: 1. compute the depletion cost per ron.. round to three decimal places. 2. compute the total cost of the inventory at December 31, 2016 3. compute the total cost of goods sold for 2016
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