On June 5,2014,Mabel Company purchased an oil well for $650,000.The well contains an estimated 162,500 barrels of oil,with an estimated residual value of zero.During July,2014,32,500 barrels of oil were removed from the well.All of the oil went into inventory.What amount of Depletion Expense is recorded in July,2014?

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The Answer of On June 5,2014,Mabel Company purchased an oil well for $650,000.The well contains an estimated 162,500 barrels of oil,with an estimated residual value of zero.During July,2014,32,500 barrels of oil were removed from the well.All of the oil went into inventory.What amount of Depletion Expense is recorded in July,2014?

On June 5,2014,Mabel Company Purchased an Oil Well for $650,000