Question
Jack purchased limestone bearing property in Alaska in 2016. Jack's acquisition costs were $6,000,000. The estimated recoverable units of limestone are 100,000 tons. In 2016,
Jack purchased limestone bearing property in Alaska in 2016. Jack's acquisition costs were $6,000,000. The estimated recoverable units of limestone are 100,000 tons. In 2016, Jack sold 10,000 tons and had $300,000 of gross income.
(a) Calculate Jack's percentage depletion for 2016 (the statutory percentage for limestone is 14%).
(b) Calculate Jack's cost depletion for 2016.
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Food And Beverage Cost Control
Authors: Jack E. Miller, Lea R. Dopson, David K. Hayes
3rd Edition
0471273546, 978-0471273547
