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Olive Xaafreen Oil and Gas has been using full cost accounting for 25 years. The following data relate to Mars properties as of 31 Dec.
Olive Xaafreen Oil and Gas has been using full cost accounting for 25 years. The following data relate to Mars properties as of 31 Dec. 2020: $3.000.000 Capitalized cost. plus future development cost Accumulated DOXA $700.000 Proved reserves: Oil 250,000bbi Proved reserves: Gas 600.000MCE Production in 2020: Oil: 20,000 bbl Sold at average price of $115/obl Gas: 70,000 Mc Sold at average price of $6/Mcf Current prices at 31 December 2020: Oil: $120/bbl Gas: SB/Mcf Compute DD&A using the unit-of-revenue method. Olive Xaafreen Oil and Gas has been using full cost accounting for 25 years. The following data relate to Mars properties as of 31 Dec. 2020: $3.000.000 Capitalized cost. plus future development cost Accumulated DOXA $700.000 Proved reserves: Oil 250,000bbi Proved reserves: Gas 600.000MCE Production in 2020: Oil: 20,000 bbl Sold at average price of $115/obl Gas: 70,000 Mc Sold at average price of $6/Mcf Current prices at 31 December 2020: Oil: $120/bbl Gas: SB/Mcf Compute DD&A using the unit-of-revenue method
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