Feller company purchased a site for a limestone quarry for

Assignment Help Accounting Basics
Reference no: EM13595316

Feller Company purchased a site for a limestone quarry for $100,000 on January 2, 2013. It estimates that the quarry will yield 400,000 tons of limestone. It estimates that its retirement obligation has a fair value of $20,000, after which the land could be sold for $10,000. In 2013, 80,000 tons were quarried and 60,000 tons sold. Costs of production are $4 per ton.

Required:

  • Compute the depletion cost per ton. Round to three decimal places.$ ??
  • Compute the total cost of the inventory at December 31, 2013.$
  • Compute the total cost of goods sold for 2013.$

Reference no: EM13595316

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Indicate the missing amount for each letter assume that in

manufacturing cost data for orlando company which uses a job order cost system are presented below.indicate the missing

  What is the amount of the distribution

May Inc., has one shareholder,Paula, whose basis in May's stock was $100,000 on 1/1/10. During 2010, May distributed $300,000 to Paula. What is the amount of the distribution that would be treated as a dividend by Paula?

  In 2013 company a sold inventory costing 100 to its

1 in 2013 company a sold inventory costing 100 to its fully-owned subsidiary company b for 150. the entire inventory

  Let us pretend that you are collecting requirements for a

let us pretend that you are collecting requirements for a new accounting system in your company. who might be

  Formulating linear program

A garden store prepares various grades of pine bark for mulch: nuggets, mini nuggets, and chips.The following table gives information regarding the different requirements.

  What potential ethics issues do you see in this situation

Which Statement(s) on Standards for Tax Services apply in this situation (explain how and why they apply)?

  Discuss the capital budgeting process

Discuss the capital budgeting process and the inputs that are used in capital budgeting.

  At the beginning of 2011 robotics inc acquired a

at the beginning of 2011 robotics inc. acquired a manufacturing facility for 12.7 million. 9.7 million of the purchase

  Assuming that bell manufactures on average 1596 audio

not exactly sure how to fill this out. any help is appreciatedbell company a manufacturer of audio systems started its

  General chemical company gcc manufactures two products as

general chemical company gcc manufactures two products as part of a joint process a1 and b1. joint costs up to the

  Compute the revised depreciation

Estimate the new total life to be 10 years and the new salvage value to be $4,000. Compute the revised depreciation.

  Walberg associates antique dealers purchased the contents

walberg associates antique dealers purchased the contents of an estate for 38400. terms of the purchase were fob

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd