On July 1, 2020, Oriole Company invested $700,520 in a mine estimated to have 844,000...
80.2K
Verified Solution
Link Copied!
Question
Accounting
On July 1, 2020, Oriole Company invested $700,520 in a mine estimated to have 844,000 tons of ore of uniform grade. During the last 6 months of 2020, 134,000 tons of ore were mined.
Depletion cost per unit: 0.83
Your answer is correct. Prepare the journal entry to record depletion. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Inventory 111,220 Accumulated Depletion 111,220 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT VIDEO: SIMILAR EXERCISE Atte (b) Assume that the 134,000 tons of ore were mined, but only 80,000 units were sold. Indicate how are the costs applicable to the 54,000 unsold units reported? The costs pertaining to the unsold units are reported in as part of at $ Click if you would like to Show Work for this question: Open Show Work
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!
