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How much is the total amount of depletion

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Question - At the beginning of 2015, Woods Co. acquired a mine for $760,000. Surveys conducted by geologists have indicated that approximately 10,000,000 units of the ore appear to be in the mine. Woods Co. incurred $160,000 of development costs associated with this mine before any extraction of minerals. It also determined that the present value of its future obligation to prepare the land for an alternative use when all of the minerals have been removed be $50,000. During 2015, 2,000,000 units of ore were extracted, and 1,750,000 of these units were sold. How much is the total amount of depletion in 2015 and the ending balance of inventory in 2015?

Reference no: EM133143577

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