In January 2008, Jenks Mining Corporation purchased a mineral mine for $4,200,000 with removable ore estimated by geological surveys at 2,500,000 tons. The property has an estimated value of $400,000 after the ore has been extracted. Jenks incurred $1,150,000 of development costs preparing the property for the extraction of ore. During 2008, 340,000 tons were removed and 300,000 tons were sold. For the year ended December 31, 2008, Jenks should include what amount of depletion in its cost of goods sold?
A) $516,800
B) $456,000
C) $594,000
D) $673,200

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The Answer of In January 2008, Jenks Mining Corporation purchased a mineral mine for $4,200,000 with removable ore estimated by geological surveys at 2,500,000 tons. The property has an estimated value of $400,000 after the ore has been extracted. Jenks incurred $1,150,000 of development costs preparing the property for the extraction of ore. During 2008, 340,000 tons were removed and 300,000 tons were sold. For the year ended December 31, 2008, Jenks should include what amount of depletion in its cost of goods sold?
A) $516,800
B) $456,000
C) $594,000
D) $673,200

In January 2008, Jenks Mining Corporation Purchased a Mineral Mine