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On July 1. 2014, Ticino Inc invested $720000 in a mine estimated to have 800,000 tons ore of uniform grade. During the last 6 months
- On July 1. 2014, Ticino Inc invested $720000 in a mine estimated to have 800,000 tons ore of uniform grade. During the last 6 months of 2014, 120,000 tons of ore were mined and sold. (A). Prepare the journal entry to record depletion expense. (B). Assume that the 120,000 tons of ore were mined, but only 90,000 units were sold. How are the costs applicable to the 30,000 unsold units reported?
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Managerial Accounting For Managers
Authors: Eric Noreen, Peter Brewer, Ray Garrison
6th Edition
1264100590, 9781264100590
