On April 17, 2024, the Loudstone Mining Company purchased the rights to a copper mine....
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On April 17, 2024, the Loudstone Mining Company purchased the rights to a copper mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the copper totaled $5,460,000. The company expects to extract 910,000 tons of copper during a four-year period, During 2024, 241,000 tons were extracted and sold immediately. Required: 1. Calculate depletion for 2024. 2. Is depletion considered part of the product cost and included in the cost of inventory
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