(Solved):Orange Corp., a high-technology company, utilizes the following procedures for recording materials and transferring them to work in process. (1) Upon receipt of raw materials by stores, the storek… View Answer…

 

Question

Orange Corp., a high-technology company, utilizes the following procedures for recording materials and transferring them to work in process.

(1) Upon receipt of raw materials by stores, the storekeeper prepares a stock-in report with part number and quantities, files the original by date, and sends a copy to accounting.

(2) The inventory accounting clerk uses the stock-in report to post the perpetual inventory records using standard costs and files the stock-in report

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