Print 12 income Mar 0.00 out of 7:14 Ragation Calculating Depletion of Natural Resources and Related Cost of Goods Sold Arizona Mining Company acquired property with copper ore reserves estimated at a million pounds for 5720,000. The property will have an estimated value of $40.000 after the ne has been extracted. Before any ore could be removed, it was necessary to incur $200,000 of developmental costs. In the first year: 50,000 pounds were removed and 64,000 pounds of ore were sold in the second year, 160,000 pounds were removed and 164,000 pounds were sold in the course of the second year's production discoveries were made that indicated that it an added $584,000 is spent on developmental costs during the third year, futura removable ore will total 10 million pounds. Anter these added costs were incurred, production for the third year amounted to 204.000 pounds with sales of 180.000 pounds Required Calculate depletion and cost of goods sold that the company reports for each of the three years, Astume FIFO (first in first out) inventory fuw. Year 2 Year 3 Depletion Cost of good old Item Year 1 OXS Check