Author Question: Depletion is the ________. A) allocation of a natural resource's cost to an expense account as ... (Read 105 times)

fbq8i · **on:** Jul 5, 2018

Depletion is the ________.

A) allocation of a natural resource's cost to an expense account as the resource is consumed
B) allocation of an intangible asset's cost to an expense account over the asset's estimated useful life
C) allocation of property, plant and equipment cost to an expense account over the assets' estimated useful lives
D) capitalization of a long-term asset's cost

Question 2

The inventory data for an item for November are: Nov. 1 Inventory 20 units at 19 4 Sold 10 units 10 Purchased 30 units at 20 17 Sold 20 units 30 Purchased 10 units at 21 Using a perpetual system, what is the cost of the merchandise sold for November if the company uses LIFO?
a. 610
b. 600
c. 590
d. 580