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What the inventory balance on december

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Question - In January 2020, Company A leased a mineral mine for $3,550,000 with removable ore estimated by geological surveys at 2,500,000 tons. Company A incurred $1, 150,000 of intangible development costs preparing the property for the extraction of ore. The present value of the cost of restoring the mine is estimated to be $250,000. During 2020, 340,000 tons were removed and 300,000 tons were sold. What the inventory/depletion balance on December 31, 2020 after the all the sales for the year are recorded?

Reference no: EM133144209

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