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On June 5, 2023, Mabel Company purchased an oil well for $920,000. The well contains...

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Accounting

On June 5, 2023, Mabel Company purchased an oil well for $920,000. The well contains an estimated 94,000 barrels of oil, with an estimated residual value of zero. During July 2023, 24,500 barrels of oil were removed from the well and 17,000 barrels were sold later. What is the cost of oil sold for July? (Round intermediary calculations to the nearest cent and the final answer to the nearest dollar.)

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