Question: Please solve the question if only you are sure about it, otherwise i will downvote it. Thanks. Jackson Oil Company's production for Lease A and

 Please solve the question if only you are sure about it,

Please solve the question if only you are sure about it, otherwise i will downvote it.

Thanks.

Jackson Oil Company's production for Lease A and Lease B is gathered into a common system and sold. Total sales for the month of July are 6,562 barrels. Assume the following data for Lease A and Lease B: Well 24-hour Test, bbl Days Produced 1 40 24 2 30 30 3 50 28 Lease A: Lease B: 1 50 30 2 80 24 Measured production is 3,300 barrels from Lease A and 3,500 barrels from Lease B. REQUIRED: a. Allocate production to each lease. b. Allocate the amounts per lease determined in part a to the wells. Round the ratios to four decimal places

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!