Question 12 Alpha Mining Company recognizes $2 of depletion for each ton of ore mined. During...
Question 12
Alpha Mining Company recognizes $2 of depletion for each ton of ore mined. During 2016, 850,000 tons of ore were mined and 725,000 tons were sold. Using this information, how much should be recorded on June 30 for the following accounts:
Accumulated Depletion
Inventory
Cost of Goods Sold
Homework Answers
Accumulated depreciation= no.of tons extracted*depletion rate 850000*$2=$1700000
Inventory no.of units extracted-no. Of tons sold*depletion rate= ( 850000-725000)*2=125000*2=$250000
Cost of good sold= no. of tons sold* depletion rate= 725000*2=$1450000
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Question 12
Alpha Mining Company recognizes $2 of depletion for each
ton of ore mined. During...
Alpha Mining Company recognizes $2 of depletion for each ton of ore mined. During 2016, 950,000...
Alpha Mining Company recognizes $2 of depletion for each ton of ore mined. During 2016, 950,000 tons of ore were mined and 825,000 tons were sold. Using this information, how much should be recorded for FY 2016 for the following accounts: 1.accumulated Depletion 2.inventory 3.cost of Goods Sold
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