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What amount of depletion in its cost of goods sold

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Question - In January 2017, Free State Resources purchased a mineral mine for $6,500,000 with removable ore estimated by geological surveys at 3,400,000 tons. The property has an estimated value of $900,000 after the ore has been extracted. Free State incurred $1,200,000 of development costs preparing the property for the extraction of ore. During 2017, 390,000 tons were removed and 350,000 tons were sold. For the year ended December 31, 2017, Free State should include what amount of depletion in its cost of goods sold?

Reference no: EM132190754

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