On July 1, 2015, Melton Inc. invested $560,000 in a mine estimated to have 800,000 tons of ore of uniform grade. During the last 6 months of 2015, 100,000 tons of ore were mined and sold.

Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.5o.) Depletion cost per unit s Prepare the journal entry to record depletion. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Date Account Titles and Explanation Debit Credit Dec. 31