What documents are used in safeguarding inventories?
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Executing and recording manufacturing transactions and safeguarding inventories involve the following:
1. Initiating production:
Planning and controlling production
2. Production of Inventory:
Issuing raw materials
Processing goods in production
Transferring completed work to finished goods
Protecting inventories
3. Recording manufacturing and inventory transactions:
Determining and recording manufacturing costs
Maintaining correctness of inventory balances
The performance of these functions involves several departments such as production planning and control, stores (raw materials), the production department, timekeeping, finished goods, IT, cost accounting, and general accounting.
Briefly describe some documents that should be used during the production of inventory.
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This solution explains documents that should be used during the production of inventory and related issues. A detailed answer is given.
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During the production of inventory, we would find several documents that are used. The inventory production sheet or inventory requisition sheet, is one of the main inventory production control documents. When inventory is first pulled to set into production, this sheet is filled out by the line supervisor or production manager. The proper signatures are listed on the sheet. Even though the quantities and data are entered into a computer, usually simultaneously by a line employee/production ...
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