On January 2, 2019, Whistler Company purchased land for $450,000, from which it is estimated that 400,000 tons of ore could be extracted. It estimates that the present value of the cost necessary to restore the land is $80,000, after which it could be sold for $30,000.
During 2019, Whistler mined 80,000 tons and sold 50,000 tons. During 2020, Whistler mined 100,000 tons and sold 120,000 tons. At the beginning of 2021, Whistler spent an additional $100,000, which increased the reserves by 60,000 tons. In 2021, Whistler mined 140,000 tons and sold 130,000 tons. Whistler uses a FIFO cost flow assumption.
Required:
Accounting Information Systems
Financial Accounting
College Accounting, Chapters 1-27
Managerial Accounting: The Cornerstone of Business Decision-Making
Financial & Managerial Accounting
Corporate Financial Accounting
Financial And Managerial Accounting
Fundamentals of Financial Management (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Essentials of Economics (MindTap Course List)
Accounting Information Systems
Principles of Microeconomics (MindTap Course List)
Essentials of Business Communication (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
Foundations of Business (MindTap Course List)
Management, Loose-Leaf Version
MKTG 12:STUDENT ED.-TEXT
Principles of Economics (MindTap Course List)
Contemporary Marketing
Brief Principles of Macroeconomics (MindTap Course List)
Financial & Managerial Accounting
Financial Accounting
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Accounting (Text Only)
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Statistics for Business & Economics, Revised (MindTap Course List)
Exploring Economics
Pkg Acc Infor Systems MS VISIO CD
Survey of Accounting (Accounting I)
Corporate Financial Accounting
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Macroeconomics
Purchasing and Supply Chain Management
Economics (MindTap Course List)
Economics For Today
Microeconomics
Practical Management Science
Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Financial Accounting
Managerial Accounting
Principles of Microeconomics
Micro Economics For Today
Macroeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
Understanding Management (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)