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.