On March $1,2022,$ Anniston Company purchased an oil well at a cost of $$1,744,000.$ It is estimated that $230,000$ barrels of oil can be produced over the remaining life of the well and the residual value of the well will be $$180,000.$

During $2022,23,000$ barrels of oil were produced and all of these barrels were sold. Which of the following statements is incorrect with respect to the accounting for the oil well?

Note: Do not round your intermediate calculations.

Multiple Choice

The inventory of oil was $$156,400$ at December $31,2022.$

The book value of the oil well decreased $$156,400$ during $2022.$

The depletion rate is $$6\mathrm{.}80$ per barrel of oil.

The $2022$ cost of goods sold was $$156,400.$