Depletion Feller Company purchased a site for a limestone quarry for $100,000 on January 2, 2019. It estimate that the quarry will yield 400,000 tons of limestone. It estimates that its retirement obligation has a fair value of $20,000, after which the land could be sold for $10,000. In 2019, 80,000 tons were quarried and 60,000 tons sold. Costs of production (excluding depletion) are $4 per ton. Required: 1. Compute the depletion cost per ton. 2. Compute the total cost of the inventory at December 31, 2019. 3. Compute the total cost of goods sold for 2019

In January, 2020, Swifty Corporation purchased a mineral mine for $4800000 with removable ore estimated by geological surveys at 2500000 tons. The property has an estimated value of $310000 after the ore has been extracted. The company incurred $1600000 of development costs preparing the mine for production. During 2020, 600000 tons were removed and 450000 tons were sold. What is the amount of depletion that Swifty should expense for 2020?

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Depletion On January 2, 2019, Whistler Company purchased land for $480,000, from which it is estimated that 370,000 tons of ore could be extracted. It estimates that the present value of the cost necessary to restore the land is $89,000, after which it could be sold for $29,000. During 2019, Whistler mined 85,000 tons and sold 56,000 tons. During 2020, Whistler mined 110,000 tons and sold 111,000 tons. At the beginning of 2021, Whistler spent an additional $90,000, which increased the reserves by 65,000 tons. In 2021, Whistler mined 154,000 tons and sold 160,000 tons. Whistler uses a FIFO cost flow assumption. Required: If required, round the depletion rate to the nearest cent and round the final answers to the nearest dollar. Question Content Area 1. Calculate the depletion included in the income statement and ending inventory for 2019, 2020, and 2021. 2019 Depletion deducted from income $fill in the blank d2d600ff0fa6007_1     Depletion included in inventory $fill in the…