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On April 17, 2021, the Loadstone Mining Company purchased the rights to a coal mine....

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Accounting

On April 17, 2021, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled $4,280,000. The company expects to extract 1,070,000 tons of coal during a four-year period. During 2021, 257,000 tons were extracted and sold immediately. Required: 1. Calculate depletion for 2021. 2. Is depletion considered part of the product cost and included in the cost of inventory?

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