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On March 1, 2019, Demirtas Company purchased an oil well at a cost of $1,000,000. It is estimated that 150,000 barrels of oil can be

On March 1, 2019, Demirtas Company purchased an oil well at a cost of $1,000,000. It is estimated that 150,000 barrels of oil can be produced over the remaining life of the well and the residual value of the well will be $100,000. During 2019,15,000 barrels of oil were produced and 12,000 barrels were sold. What is value of the produced oil inventory on Demirtas' December 31, 2019 balance sheet

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