Answer
Journals shall be
Debit Inventory 73,500
Credit Accumulated depletion = 73,500
Work Step by Step
Cost per ton = (400,000+100,000+80,000-160,000)/4,000 = $105/ton
Thus = 700*105 = 73,500
Intermediate Accounting (16th Edition)
by Kieso, Donald E.; Weygandt, Jerry J.; Warfield, Terry D.
Published by
Wiley
ISBN 10:
1118743202
ISBN 13:
978-1-11874-320-1
Chapter 11 - Depreciation, Impairments, and Depletion - Review and Practice - Brief Exercises - Page 584: BE11-9
Update this answer!
You can help us out by revising, improving and updating this answer.
Update this answerAfter you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.
