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Asked Dec 21, 2019
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Which of the following is a TRUE statement regarding the treatment of scrap by a  firm?
a. Scrap is always allocated to a specic job.
b. Scrap is separated between normal and abnormal scrap.
c. Revenue received from the sale of scrap on a job lowers the total costs for that job.
d. There are costs assigned to scrap.

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Scrap: Scrap is basically the residual material that left after the manufacturing of a product. Scrap material will be recycled and then it is sold to the consumers.

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