1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
UNO [17]
4 years ago
14

Pronghorn Mining Company purchased land on February 1, 2020, at a cost of $856,800. It estimated that a total of 53,100 tons of

mineral was available for mining. After it has removed all the natural resources, the company will be required to restore the property to its previous state because of strict environmental protection laws. It estimates the fair value of this restoration obligation at $97,200. It believes it will be able to sell the property afterwards for $108,000. It incurred developmental costs of $216,000 before it was able to do any mining. In 2020, resources removed totaled 26,550 tons. The company sold 19,470 tons.
Compute the following information for 2020:
(a) Per unit mineral cost.
(b) Total material cost of December 31, 2020, inventory
(c) Total materials cost in cost of goods sold at December 31, 2020.
Business
1 answer:
vitfil [10]4 years ago
4 0

Answer:

A.20per ton

B.141,600

C.389,400

Explanation:

A.

($856,800+$97,200-$108,000+$216,000)/53,100 tons

=$1,062,000/53,100

= 20per ton

(b)

Resources removed totaled 26,550 tons

Less company sold 19,470 tons.

Balance 7,080 tons

Hence

Inventory 20*7,080

=141,600

(c)

20* 19,470 tons

=389,400

You might be interested in
A customer recently wrote your bakery a letter complaining that the cherry scones were too crumbly and dry. Although the custome
Artyom0805 [142]

Answer:

1. A statement of company policy regarding refunds

Explanation:

A statement of company policy regarding refunds would give clarity to the customer on the reason why the request for refund was denied.

7 0
3 years ago
If a manufacturing plant that employs 20% of the local labor force closes, the likely effect on the area’s real estate values
love history [14]

Answer:

Supply and demand

Explanation:

First is important to remember the supply and demand principle. We can analyze this by the law of supply and demand.

The law of supply states that "the quantity of a good supplied rises as the market price rises, and falls as the price falls".

Conversely, the law of demand says that "the quantity of a good demanded falls as the price rises, and the quantity of a good increase as the price decrease".

For this case if the manufacturing plant close 20% of the people in the area will not have a job and the prices of the real state values will tend to decrease and if the prices decrease the quantity falls from the supply law.

 

6 0
3 years ago
. Dallas Wildcat Drilling Co. sells an oil-drilling rig for $3,000,000. The drilling rig was purchased in 2013 for $2,000,000. D
olga2289 [7]

Answer:

$2,200,000 gain

Explanation:

When the amount received from the disposal of an asset is lower than the carrying or net book value (NBV) of the asset, the company makes a loss on disposal otherwise, the company makes a gain on disposal.

The carrying amount of the asset is the difference between the asset's cost and accumulated depreciation as at the date of disposal.

Asset NBV = $2,000,000 - $1,200,000

= $800,000

Gain/(loss) on disposal = $3,000,000 - $800,000

= $2,200,000

5 0
3 years ago
The gestalt principles of organization ____.
horrorfan [7]
The gestalt principles of organisation state that the human mind has this ability to arrange elements of our experiences in such a way that it forms individual perceptions and views of our environment as based on the frameworks of perception stated. 
5 0
3 years ago
Labor productivity on the Cleveland Tools Inc. assembly line was 33 units per hour in 2019. In 2020, labor productivity was 35 u
elena-14-01-66 [18.8K]

Answer:

Productivity Growth = 6.1%

Explanation:

Productivity Growth = Current Productivity - Previous Productivity/ Previous Productivity

Productivity Growth = 35-33/33=2/33= 0.0606 or 0.061*100= 6.1%

Productivity Ratio =  Output/ Input

Labor Productivity=  No of Units/ No of Employees

A preferable approach to productivity measurement is to record multiple physical measures that capture the most important determinants of a company's productivity.

7 0
3 years ago
Other questions:
  • Which of the following are elements you should include in meeting minutes? Check all that apply.
    6·1 answer
  • According to your textbook, a 1998 study of price variation found that what percentage of all the goods and services the US econ
    10·1 answer
  • sold real property with a $140,000 adjusted basis for $255,000. The buyer paid $148,000 cash and assumed Mr. Beck's $107,000 mor
    11·1 answer
  • Tom is teaching jenny how to ice skate. both skaters, who are about the same size, are on the ice and wearing their skates. to h
    7·1 answer
  • Which of the following best describes a cartel? A.when businesses agree to limit supplies of a product C.complete control of a p
    7·2 answers
  • The situations presented here are independent of each other.
    10·1 answer
  • Which of the following can be an advantage of a limited liability company over an S corporation? a. Double taxation of profits i
    10·2 answers
  • a customer has $12,000 of capital losses and $4,000 of capital gains in a tax year. On that year's tax return, the investor has
    8·1 answer
  • Your neighbor borrowed your new lawn mower and used it to trim his rock garden thus destroying it. Your lawn mower which cost yo
    13·1 answer
  • . If the company produces 5,000 fewer units than it sells in its second year of operations, will absorption costing net operatin
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!