Part 3. Record scrap inventory. Destry Barnes Manufacturing Company maintains a Scrap Inventory account for metal scrap recovered from operations in the Molding Department. On February 15, 2017, 1,200 pounds of scrap with an estimated market value of $720 are transferred from the factory to the storeroom. Directions: Use the account names found in your textbook to do the following: a. Prepare the general journal entry to record the storage of the metal scrap. Credit Work in Process. b. Prepare the general journal entry to record the sale of 300 pounds of scrap at 5.55 a pound on credit. c. Prepare the general journal entry to record the sale of 500 pounds of scrap at $.70 a pound of credit. Part 4. Completion In the answer column. supply the rulsslag word or words needed to completo each of the following statements. 1. When the value of scrap is to be carried on the books, the -account in the general ledger is debited. 2. Goods that are damaged during the manufacturing operations such that they do not meet specifications are known as 3. Spoiled goods that have only slight defects may be sold as 4. Most manufacturers charge routine, recurring spoilage to the 5. When spoiled goods are sold as seconds, a[n) is completed show- ing the quantity and dollar value of the goods. account. Part 3. Record scrap inventory. Destry Barnes Manufacturing Company maintains a Scrap Inventory account for metal scrap recovered from operations in the Molding Department. On February 15, 2017, 1,200 pounds of scrap with an estimated market value of $720 are transferred from the factory to the storeroom. Directions: Use the account names found in your textbook to do the following: a. Prepare the general journal entry to record the storage of the metal scrap. Credit Work in Process. b. Prepare the general journal entry to record the sale of 300 pounds of scrap at 5.55 a pound on credit. c. Prepare the general journal entry to record the sale of 500 pounds of scrap at $.70 a pound of credit. Part 4. Completion In the answer column. supply the rulsslag word or words needed to completo each of the following statements. 1. When the value of scrap is to be carried on the books, the -account in the general ledger is debited. 2. Goods that are damaged during the manufacturing operations such that they do not meet specifications are known as 3. Spoiled goods that have only slight defects may be sold as 4. Most manufacturers charge routine, recurring spoilage to the 5. When spoiled goods are sold as seconds, a[n) is completed show- ing the quantity and dollar value of the goods. account