Sandy Cart Shop in a manulachurer of goif carts. Peter Cranston, the plant manager of...
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Sandy Cart Shop in a manulachurer of goif carts. Peter Cranston, the plant manager of Sandy Cart, oblains the following infermation for Job aza in Auguat 2020 A lotat of 25 unts ares starned, and 6 spoled units wose detected and rejected at fnal inspection. yelding 20 good unts. The spoled units were consibored to be normat ppotago. Costs assigned grior to the inspectien point are Read the reavinemonts. Prepare the journal entries for the recognish of scres, assuming the following (Record debis frat, then credts. Exclude euplanations from any jourral entres.) a. The value of scrap is immaterial and soap is recognized at the time of salo. b. The value of scrap is maserial, is related to a speofic job, and is recognized at the time of salo- Requirements Prepare journal entries for the recognition of scrap, assuming the following: a. The value of scrap is immaterial and scrap is recognized at the time of sale. b. The value of scrap is material, is related to a specific job, and is recognized at the time of sale. c. The value of scrap is material, is common to all jobs, and is recognized at the time of sale. d. The value of scrap is material, is recognized as inventory at the time of production, and is recorded at its net realizable value
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