Please show all work Waterway Mining Company purchased land on February 1, 2020, at a cost of $914,300 It estimated that a total of 53,400 tons of mineral was available for mining After it has removed all the natural resources, the company will be required to restore the property to its previous state because of strict environmental protection laws It estimates the fair value of this restoration obligation at $98,100 It believes it will be able to sell the property afterwards for $109,000 It incurred developmental costs of $218,000 before it was able to do any mining In 2020, resources removed totaled 26,700 tons The company sold 19,580 tons Compute the following information for 2020 (a) Per unit mineral cost $enter a dollar amount (b) Total material cost of December 31, 2020, inventory $enter a dollar amount (c) Total material cost in cost of goods sold at December 31, 2020 $enter a dollar amount

Question

Please show all work  Waterway Mining Company purchased land on February 1, 2020, at a cost of $914,300  It estimated that a total of 53,400 tons of mineral was available for mining  After it has removed all the natural resources, the company will be required to restore the property to its previous state because of strict environmental protection laws  It estimates the fair value of this restoration obligation at $98,100  It believes it will be able to sell the property afterwards for $109,000  It incurred developmental costs of $218,000 before it was able to do any mining  In 2020, resources removed totaled 26,700 tons  The company sold 19,580 tons  Compute the following information for 2020  (a) Per unit mineral cost $enter a dollar amount (b) Total material cost of December 31, 2020, inventory $enter a dollar amount (c) Total material cost in cost of goods sold at December 31, 2020 $enter a dollar amount

Accepted Answer

The Answer is in the image, click to view ...

Question

Please show all work! Waterway Mining Company purchased land on February 1, 2020, at a cost of $914,300. It estimated that a total of 53,400

Step by Step Solution

Step: 1

Get Instant Access to Expert-Tailored Solutions

Step: 2

Step: 3

Ace Your Homework with AI

Recommended Textbook for

Accounting Systems

Students also viewed these Accounting questions

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

(a)	Per unit mineral cost	$enter a dollar amount
(b)	Total material cost of December 31, 2020, inventory	$enter a dollar amount
(c)	Total material cost in cost of goods sold at December 31, 2020	$enter a dollar amount