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In January 2015, Fehr Mining Corporation purchased a mineral mine for $6,007,946 with removable ore estimated by geological surveys at 2,511,506 tons. The property has
In January 2015, Fehr Mining Corporation purchased a mineral mine for $6,007,946 with removable ore estimated by geological surveys at 2,511,506 tons. The property has an estimated value of $600,000 after the ore has been extracted. Fehr incurred $1,717,989 of development costs preparing the property for the extraction of ore. During 2015,340,000 tons were removed and 300,000 tons were sold. For the year ended December 31,2015 , Fehr should nclude what amount of depletion in its cost of goods sold? do not round the depletion rate when multiplying it by units removed or sold)
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