On july 1 2008 hurtig inc invested730530 in a mine, Ask an Expert

Accounting

On July 1, 2008, Hurtig Inc. invested$730,530 in a mine estimated to have 835,550 tons of ore of uniform grade. During the last 6 months of 2008, 102,790 tons of ore weremined and sold.

Prepare the journal entry to record depletion expense.

Assume that the 102,790 tons of ore weremined, but only 84,920 units were sold. How are the costs applicable to the 17,870 unsold units reported?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797578

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