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Exercise 11-16 (Algo) Depletion [LO11-3] 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 $6,000,000. The company expects to extract 1,000,000 tons of coal during a four-year period. During 2021, 250,000 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? 1. Depletion Yes 2. Is depletion considered part of the product cost and included in the cost of inventory