Print by: KENYETTE WILLIAMS ACCT 2101-SP18-20502-Section IA-Online-Crews/Homewor

Question

Print by: KENYETTE WILLIAMS ACCT 2101-SP18-20502-Section IA-Online-Crews/Homework- Chapter 9 Exercise 9-11 On July 1, 2019, Kingbird, Inc. invested $624,020 in a mine estimated to have 761,000 tons of ore of uniform grade. During the last 6 months of 2019, 109,000 tons of ore were mined Calculate depletion cost per unit. (Round answer to 2 declmat places, a.g. o.s0.) Depletion cost per units not indent manualy. If no entry is required, select "No Entry" for the ted when amount is entered. Do t titles are automatlcally Inden l account tibles and enter o for the amounts.) Debit Credit Date Account Tides and Explanation Dec. 31 Assume that the unsold units reported? 09,000 tons of ore were mined, but only 83,000 units were sold. Indicate how are the costs applicable to the 26,000 " as part of The costs pertaining to the unsold units are reported in Question Attempts: O of 5 used

Explanation / Answer

Depletion per unit = 624020/761000= $0.82 31-Dec Depletion Expense 89380 =109000*0.82          Accumulated Depletion 89380 The costs pertaining to the unsold units are reported in current assets as part of inventory at $21320 (26,000X $.82)

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