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Jamerson Company purchased a site for a coal mine for $20,000,000 January 2, 2010. It estimates that the mine yield 1,000,000 tons of coal. It

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Jamerson Company purchased a site for a coal mine for $20,000,000 January 2, 2010. It estimates that the mine yield 1,000,000 tons of coal. It also estimates that its retirement obligation has a fair value of $150,000 after which the land could be sold for $450,000. In 2010, 200,000 tons were mined and 75,000 tons of coal were sold. In 2011, 100,000 tons were mined and 195,000 tons were sold. On January 1 2012 Jamerson Company spent an additional $2, 500,000 which increased the reserves by an estimated 250,000 tons of coal. In 2012, 175,000 tons were mined and 115,000 tons were sold. Please answer the questions below which should include your calculation. Round your answers to the nearest dollar. Carry the depletion cost per ton out to six decimal places. Note that Jamerson uses the FIFO inventory system. Compute the depletion cost per ton for 2010 and 2011 (same rate for both years). Compute the cost of goods sold for 2010, as well as the inventory at 12/3 l/10. Compute the cost of goods sold for 2011, as well as the inventory at 12/31/11. Compute the depletion cost per ton for 2012. Compute the cost of goods sold for 2012, as well as the inventory at 12/31/12

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