Assume Michael uses the production method to account for scrap. Further, Michael finds several pieces of scrap that can be used in other projects. He estimates the reusable scrap quantity to be 15 pounds; the remaining scrap will be sold as is. 1. Record the journal entry (entries) to recognize the planned reuse of some of the scrap and the sale of the rest of it for cash. 2. Assume that the 15 pounds of scrap that Michael planned to reuse could not be reused after all. Record the journal entry for the sale of this scrap for cash at a later date when the market price returns to $9 per pound. 3. Assume that the 15 pounds of scrap that Michael planned to reuse were reused in a another project. Record the journal entry for the subsequent use of this scrap. Account Titles and Explanation Debit Credit cash WIP inventory WIP Inventory 135 Materials 135.