![Exercise 4-38 Spoilage and Scrap (appedixLO 4-8] Lexan Textile Companys Job X12 had one of its 40 units spoiled. The cost incurred on the unit was $640. It was specific normal spoilage with an estimated disposal price of $380 for the spoiled unit. Job Y34 had common normal spoilage with the estimated cost of $480 from the general production process failure and abnormal spoilage of $160. The company also incurred scrap due to Job Y34 and sold it for $100. It also sold the scrap common to all jobs for $140 cash in May. Required: 1. Prepare the necessary journal entries to record normal and abnormal spoilage costs. 2. Prepare the necessary journal entries to record both types of scrap sold. Complete this question by entering your answers in the tabs below Required 1Required 2 Prepare the necessary journal entries to record normal and abnormal spoilage costs. (If no entry is required for a transaction/event, select No journal entry required in the first account field.) new transaction list Journal entry worksheet Record the normal and bnormal spoilages incurred in Job Y34. Note: Enter debits before credits. Transaction General Journal Debit Credit b.](http://img.homeworklib.com/questions/6ef5db90-733c-11ea-b60f-d3401ed445c0.png?x-oss-process=image/resize,w_560)
![Exercise 4-38 Spoilage and Scrap (appendix) [LO 4-8] Lexan Textile Companys Job X12 had one of its 40 units spoiled. The cost incurred on the unit was $640. It was specific normal spoilage with an estimated disposal price of $380 for the spoiled unit. Job Y34 had common normal spoilage with the estimated cost of $480 from the general production process failure and abnormal spoilage of $160. The company also incurred scrap due to Job Y34 and sold it for $100. It also sold the scrap common to all jobs for $140 cash in May. Required: 1. Prepare the necessary journal entries to record normal and abnormal spoilage costs 2. Prepare the necessary journal entries to record both types of scrap sold. Complete this question by entering your answers in the tabs below Required 1 Required 2 Prepare the necessary journal entries to record both types of scrap sold. (If no entry is required for a transaction/event, select No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the scrap sold attributable to a specific job. Note: Enter debits before credits. General Journal Debit Credit a.](http://img.homeworklib.com/questions/6f7578d0-733c-11ea-ae6e-9f9322a60b09.png?x-oss-process=image/resize,w_560)
Homework Answers
| Transaction | General Journal | Debit | Credit |
| a. | Inventory of spoiled units for sale | $ 380 | |
| Work in progress for Job X12 | $ 380 | ||
| (Being normal spoilage recorded attributable to Job X12) | |||
| b. | Inventory of spoiled units for sale | $ 480 | |
| Loss from abnormal spoilage | $ 160 | ||
| Work in progress for Job Y34 | $ 640 | ||
| (Being normal and abnormal spoilage recorded attributable to Job Y34) | |||
| c. | Cash | $ 100 | |
| Work in progress Inventory | $ 100 | ||
| (Being scrap sold recorded attributable to specific job) | |||
| d. | Cash | $ 140 | |
| Factory overheads | $ 140 | ||
| (Being scrap sold recorded common to all jobs) |
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