Which they are transferred to the work in process

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Reference no: EM132222382

Audit Exercise

It is requested: Prepare a flowchart that describes the system by which the raw materials are registered and with which they are transferred to the work in process.

Orange Corporation, a high-tech company, uses the following procedures to register materials and transfer them to work in process.

1. Once the raw materials have been received by the stores, the drying rack can record a stock report with the number and quantity of pieces, file the original by date and send a copy to the accounting department.

2. The inventory manager uses the stock report to record the perpetual inventory records using the standard costs, then archives the inventory report by dates.

3. The person in charge of production prepares the requisitions of raw materials, which show the number and quantity of pieces: it is approved by the production supervisor. A copy of the requisition is sent to accounting and the original is filed by work order.

4. The inventory manager reviews the integrity of the requisitions, transfers the cost of the raw materials to the work in process and files the requisition by date.

Reference no: EM132222382

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