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How much depletion in cost of goods sold for the year

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Question 1: In Jan. 2021, Green Mining Company paid P6,300,000 for a mineral mine with detachable ore projected by geological studies to be 2,500,000 tons. After the ore is mined, the property is expected to be about P600,000 in value. The company spent P1,725,000 on development expenditures to prepare the site for ore extraction. 340,000 tons were detached and 300,000 tons were sold in 2021. The company should include how much depletion in its Cost of Goods Sold for the year-ending Dec. 31, 2021?

Reference no: EM132992559

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