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lbvjy [14]
3 years ago
5

On April 17, 2021, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs ne

cessary to prepare the mine for extraction of the coal totaled $4,280,000. The company expects to extract 1,070,000 tons of coal during a four-year period. During 2021, 257,000 tons were extracted and sold immediately.
Required:
1. Calculate depletion for 2021.
2. Is depletion considered part of the product cost and included in the cost of inventory?
Business
1 answer:
nata0808 [166]3 years ago
5 0

Answer:

1. The depletion for 2021 is $1,028,000 .

2. No, depletion is not considered part of the product cost and isnt included in the cost of inventory

Explanation:

1. Depletion per ton = $4280000/1070000

                                  = $4 per ton

Depletion for 2021 = 257000 tons*$4

                                = $1,028,000

Therefore, The depletion for 2021 is $1,028,000 .

2. Depletion is not considered as part of product cost, It is shown as expense on income statement and reduced from the value of natural resource and so it is equivalent to depreciation of assets.

Therefore, No, depletion is not considered part of the product cost and isnt included in the cost of inventory

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Aleksandr [31]

Answer: financial inflow will reduce the United States interest rate.

Explanation:

The options include:

a. financial inflow will reduce the United States interest rate.

b. financial outflow will increase the Japanese interest rate.

c. The interest rate gap between the United States and Japan will be eliminated.

d. Loanable funds will be exported from the U.S. to Japan

e. the interest rate in the United States will equal theinterest rate in Japan.

Based on the information given in the question, the things that will occur include:

• financial outflow will increase the Japanese interest rate.

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• Loanable funds will be exported from the U.S. to Japan

• the interest rate in the United States will equal the interest rate in Japan.

Therefore, option A is the correct option.

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3 years ago
North Company has completed all of its operating budgets.The sales budget for the year shows 50,600 units and total sales of $2,
atroni [7]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

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There is not enough information to have a significant answer
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People can do their own taxes or hire an accountant to do them. There are numerous websites where it is free to file taxes such as Turbotax and H&R Block. If a person has overpaid they are due a refund.

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8 0
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