Solved: On january 1 2008 freeport enterprises purchased natural, Accounting Basics

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On january 1 2008 freeport enterprises purchased natural

Question - On January 1, 2008, Freeport Enterprises purchased natural resources for $1,200,000. The Company expects the resources to produce 12000000 units of product.

1. What is the depletion cost per unit?

2. If the company mined and sold 20,000 units in Jan, what is depletion expense for the month?

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Accounting Basics: On january 1 2008 freeport enterprises purchased natural

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Accounting Basics: On january 1 2008 freeport enterprises purchased natural

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