Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. martinez mining company purchased land on february

Martinez Mining Company purchased land on February 1,2025, at a cost of $1,169,500. It estimated...

50.1K

Verified Solution

Question

Accounting

Martinez Mining Company purchased land on February 1,2025, at a cost of $1,169,500. It estimated that a total of 52,800 tons of mineral was available for mining. After it has removed all the natural resources, the company will be required to restore the property to its previous state because of strict environmental protection laws. It estimates the fair value of this restoration obligation at $96,300. It believes it will be able to sell the property afterwards for $107,000. It incurred developmental costs of $214,000 before it was able to do any mining. In 2025, resources removed totaled 26,400 tons. The company sold 19,360 tons.
Compute the following information for 2025.
a. Per unit mineral cost
$
b. Total material cost of December 31,2025, inventory
$
c. Total material cost in cost of goods sold at December 31,2025. $
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Suppose a system of linear equations has 2 equations and 3 variables. (a) True or False: The...

Basic Math
Q

Part A - Short Answer If tryptophan (trp) codons containing two trp codons in its leader region...

Biology
Q

What is an atomic element?

Chemistry
Q

In the laboratory, a quantity of I2 was reacted with excess H2 to give 0.650 moles...

Chemistry
Q

Mrs. Debbie Morgan is a 45-year-old female who works as a stocking clerk for a local...

Medical Sciences
Q

Where have you experienced successes and a sense of accomplishment with school or with family...

Biology
Q

The individual with genotype AaBbCCDdEE can make many kinds of gametes Which of the following...

Biology
Q

where marbles ar randomly change direction At the bottom of the board are bins to...

Calculus
Q

Vivi Corporation had net income of $401,000 in 2015. The company's Common Stock account balance...

Accounting
Q

Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($53,000+...

Accounting
Q

1. What is the financial health of HFCL as of 31st March 2015. 2.Estimate the...

Finance
Q

There are 3,000 stocks in the Russell 3000. True False

Finance