Question No: 03 Chevron Oil Company is exploring and developing oil fields in the MENA region. The estimated units available throughout the economic life of the oil field are 250,000,000 barrels. The EC is around $850,000,000 which accounts to 40% of the TC. The salvage value is estimated to be 0.06 TC. The extraction is anticipated to be equal throughout the 15 years economic life of the oil field. Required: Compute the depletion cost per unit and the depletion amount per year