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Q:1 Explain the concept of depletion and how it is computed. Q:2 On July 1, 2022. Friedman Inc invested $720,000 in a mine estimated to

Q:1 Explain the concept of depletion and how it is computed.

Q:2 On July 1, 2022. Friedman Inc invested $720,000 in a mine estimated to have 900,000 tons of one of uniform grade. During the last 6 months of 2022, 100,000 sons of u were mined.

a. Prepare the journal entry to record depletion.

b. Assume that the 100,000 tons of ore were mined, but only 80,000 units were sold. How are the costs applicable to the 20,000 unsold units reported?

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