What is the purpose of a receiving report? How are copies of the report distributed?
Upon completion of the physical count and inspection of the items received, the receiving clerk prepares a receiving report stating the quantity and condition of the inventories. This receiving report is sent to various other functions for reconciliation and updating of records.
One copy of the receiving report accompanies the physical inventories to either the raw materials storeroom or finished goods warehouse for safekeeping. Another copy is filed in the open/closed PO file to close out the PO. A third copy of the receiving report is sent to the AP department, where it is filed in the AP pending file. A fourth copy of the receiving report is sent to inventory control for updating the inventory records. Finally, a copy of the receiving report is placed in the receiving report file.
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What will be an ideal response?
Farris Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price$120? Units in beginning inventory 0Units produced 9050?Units sold 8650?Units in ending inventory 400? Variable costs per unit: Direct materials$20?Direct labor$62?Variable manufacturing overhead$8?Variable selling and administrative expense$12?Fixed costs: Fixed manufacturing overhead$135,750?Fixed selling and administrative expense$9000?What is the net operating income for the month under variable costing?
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Indicate whether the statement is true or false.
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