Question: Ashton Machine Shop generated scrap materials with a total sales value of 2,000. The scrap is returned to the storeroom and is to be inventoried

Ashton Machine Shop generated scrap materials with a total sales value of 2,000. The scrap is returned to the storeroom and is to be inventoried in the meantime.

Prepare the entry to take up the scrap as inventory assuming:

1) the scrap above is traced to Job #10

2) scrap is common to all jobs

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