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1.On April 17, 2013, 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 $4,500,000. The company expects to extract 900,000 tons of coal during a four year period. During 2013, 240,000 tons were extracted and sold immediately.Required:1. Calculate depletion for 2013.2. Discuss the accounting treatment of the depletion calculated in requirement 1.
At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Uptown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold..
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Compute the equivalent units of production for materials and conversion costs for the month of September. Compute the unit cost for materials and conversion cost for the month.
Using the information outlined above, what is the value of the ending inventory for a perpetual inventory system using the FIFO inventory valuation?
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on march 1 2005 sally purchased 60000 of glitter co.s 5 17-year bonds at face value. glitter co. has paid the annual
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