Flounder Company purchased for $3,808,000 a mine estimated to contain 2.4 million tons of ore. When the ore is completely
extracted, it was expected that the land would be worth $208,000. A building and equipment costing $1,800,000 were constructed on
the mine site, and they will be completely used up and have no salvage value when the ore is exhausted. During the first year, 752,000
tons of ore were mined, and $308,320 was spent on labor and other operating costs.
Compute the total cost per ton of ore mined in the first year. (Round answer to 2 decimal places, e.g. 52.75.)
Total cost
$