Landmark Coal operates a mine. During July, the company mined 500 tons of ore, yielding 250 pounds of gold and 63,400 pounds of copper. The joint cost related to the operation was $500,000. Gold is selling for $325 an ounce and copper is selling for $0.93 a pound. Allocate joint costs using relative sales values. With these costs, what is the profit or loss associated with copper?

Answer rating: 100% (QA)

1 pound 16 ounces sales value of Gold 325 250 16 1300... View the full answer