Accounting for scrap materials McGregor Company is a sheet metal shop that cuts, forms, machines, and finishes metal parts to order for a variety of local customers. In the process of making products, the company generates a significant amount of metal scrap. This scrap is accumulated at the end of each day and sent to the storeroom where it is weighed and stored until a scrap metal dealer comes to buy it on Friday of each week.

During the first week of May the company collected the following pounds of scrap:

The scrap metal dealer pays for the scrap when it is picked up. Current market rates in tons for scrap are $200 for steel, $800 for copper, and $500 for aluminum.

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Steel Copper Aluminum Monday 500 100 120 Tuesday.. 800 140 70 Wednesday 900 180 50 Thursday 600 220 210 Friday 300 160 150