Sands Company purchased mining rights for $500,000. They expect to harvest 1 million tons of ore over the next five years. During the current year, Sands mined 350,000 tons of ore. Record the depletion in the current year in a journal entry.

Addison, Inc. uses a perpetual inventory system.Below is information about one inventory item for the month of September.Show your work for the next three questions.

Sep.

1

Inventory

20 units at $20

4

Sold

10 units

10

Purchased

30 units at $25

17

Sold

20 units

30

Purchased

10 units at $30

. If Addison uses FIFO, the September 17 entry for cost of goods sold would be:

If Addison uses LIFO, the September 17 cost of goods sold would be:

If Addison uses the weighted average cost method, what is the inventory value at the end of September?