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Problem 10 The Maria Lovella Mining Company purchased for P13,000,000 mining property estimated to contain 1,000,000 tons of ore. The residual value of the property is P1,000,000. Buildings used in mine operations costs P1,000,000 and have an estimated life of ten years with no residual value. Mine machinery costs P2,000,000 with an estimated residual value of P400,000 after its physical life of 4 years. Following is the summary of the company's operations for the first two years: Second Year First Year 100,000 tons Tons mined 130,000 tons Tons sold 80,000 tons 120,000 tons P 45.00 Unit selling price per ton Direct labor P 44.00 P 800,000 P 840,000 Miscellaneous mining overhead P 160,000 P 240,000 Operating expenses P 720,000 P 760,000 Inventories are valued on a first-in, first-out. Depreciation on the building is to be allocated as follows: 20% to operating expenses, 80% to production. Depreciation on machinery is chargeable to production. Question: 26. The cost of inventory (ore) in the first year is: a. P 532,000 b. P 528,000 c. P 512,000 d. P 480,000 27. The cost of inventory (ore) in the second year is: a. P 735,790 b. P 725,540 c. P 713,590 d. P 697,846 28. Net income in the first year is: a. P 672,000 b. P 668,000 c. P 652,000 d. P 620,000 29. Net income in the second year is: a. P 1,695,234 b. P 1,677,790 c. P 1,667,540 d. P 1,655,590