On April $17,2024,$ the Loadstone Mining Company purchased the rights to a copper mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the copper totaled $$3,840,000.$ The company expects to extract $960,000$ tons of copper during a four$-$year period. During $2024,320,000$ tons were extracted and sold immediately.

Required:

Calculate depletion for $2024.$

Is depletion considered part of the product cost and included in the cost of inventory?