Coral Reef Machine Shop is a manufacturer of motorized carts for vacation resorts Patrick Cullin, the plant manager of Coral Reef, obtains the following information for Job #10 in August 2017. A total of 26 units were started, and 6 spoiled units were detected and rejected at final inspection, yielding 20 good units. The spoled units were considered to be normal spoilage Costs assigned prior to the inspection point are $1,050 per unt Assume that Job #10 of Coral Reef Machine Shop generates normal scrap with a total sales value of $900 (it is assumed that the scrap refumed to the storeroom is sold quickly) Read the requirements Prepare the journal entries for the recognition of scrap, assuming the following: (Record debits first, then credts Exclude explanations from any joumal entries) The value of scrap is immaterial and scrap is recognized at the time of sale Journal Entry Accounts Debit Credit Requirements Prepare the 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 c. The value of scrap is material, o common to all jobs, and is recognized at the Ime of sale d. The value of scrap is material, and scrap is recognized as inventory at the time of production and is recorded at its net zabe valve Coral Reef Machine Shop is a manufacturer of motorized carts for vacation resorts Patrick Cullin, the plant manager of Coral Reef, obtains the following information for Job #10 in August 2017. A total of 35 units were started, and 7 spoiled units were detected and rejected at final inspection, yielding 28 good units. The spoded units were considered to be normal spoilage Costs assigned prior to the inspection point are $1,250 per unit. The current disposal price of the spoiled units is $230 per unit. When the spoilage is detected, the spoiled goods are inventoried at $230 per unit Read the requirements Requirement 1. What is the normal spoilage rate? Select the formula, then calculate the normal spoilage rate. (Round the percentage to the nearest tenth percent, XX%) Normal spoilage rate Requirements 1. What is the normal spoilage rate? 2. Prepare the journal entries to record the normal spoilage, assuming the following: a. The spoilage is related to a specific job. b. The spoilage is common to all jobs. c. The spoilage is considered to be abnormal spoilage. Print Done