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| In January year 1, Huff Mining Corporation purchased a mineral mine for $3,600,000 with removable ore estimated by geological surveys at 2,160,000 tons. The property has an estimated value of $360,000 after the ore has been extracted. Huff incurred $1,080,000 of development costs preparing the property for the extraction of ore. During year 1, 270,000 tons were removed and 240,000 tons were sold. For the year ended December 31, year 1, Huff should include what amount of depletion in its cost of goods sold? A. $480,000 B. $360,000 C. $540,000 D. $405,000 |