What should be the cost of the minerals sold, Accounting Basics

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What should be the cost of the minerals sold

Question: At the beginning of 20X1, a company purchased mineral deposits costing $3,000,000. The company expects to extract 100,000 tons of minerals. The estimated residual value of the deposits is $200,000. During 20X1, 30,000 tons of minerals were extracted while 20,000 tons were sold. Question: What should be the cost of the minerals sold? Question Select one or more: a. $ 560,000 b. $ 600,000 c. $ 840,000 d. $ 900,000 e. $ 1,400,000

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