Question

Alaska Mining Co. acquired mineral rights for $16,082,000. If 10,950,000 tons were mined and sold from an estimated deposit of 73,100,000 tons, what is the cost per ton?

Options:

a) $2.50

b) $1.75

c) $1.46

d) $2.20

Answer 1

The cost per ton is $1.46.

Step-by-step explanation:

To calculate the cost per ton, we need to divide the total cost of acquiring the mineral rights by the number of tons mined and sold.

Cost per ton = Total cost / Number of tons mined and sold

Plugging in the values, the cost per ton is:

Cost per ton = $16,082,000 / 10,950,000 tons

Simplifying the calculation gives us:

Cost per ton = $1.468

Therefore, the cost per ton is $1.46. Option c) is the correct answer.