On April 17, 2021, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled $5,200,000. The company expects to extract 1,040,000 tons of coal during a four-year period. During 2021, 254,000 tons were extracted and sold immediately. Required: 1. Calculate depletion for 2021 2 is depletion considered part of the product cost and included in the cost of inventory