Following are the records maintained for inventory management Purchase Requisition Note Indent Goods Receipt Note Job Order (In/Out) Material Issue Note Material Return Note Production Report Delivery Note Rejection Inward Rejection Outward
The accounting method that a company decides to use to determine the costs of inventory can directly impact the balance sheet, income statement and statement of cash flow. There are three inventory-costing methods that are widely used by both public and private companies: First-In, First-Out (FIFO) This method assumes that the first unit making its … Read more