Warning: foreach() argument must be of type array|object, bool given in /var/www/html/web/app/themes/studypress-core-theme/template-parts/header/mobile-offcanvas.php on line 20

Identify the control document for materials flow when a materials requisition slip is not used.

Short Answer

Expert verified

The business entity can use thematerial consumption report in place of the material requisition slip.

Step by step solution

01

Definition of Material Requisition Slip

A material requisition slip can be defined as the form that provides information regarding the items to be picked from the inventory and must be processed in production.

02

Control Document

The document required by the business entity to manage and control the business process is known as the control document. These documents help in the identification of inefficiencies in the business processes.

03

Control document in the absence of material requisition slip

In the absence of the material requisition slip, the business entity will use the material consumption report to control the business process. This report provides information regarding the material used by the business entity in the production process.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Over 30 million students worldwide already upgrade their learning with Vaia!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

Assume that a company produces a single product by processing it first through a single production department. Direct labor costs flow through what accounts in this companyโ€™s process cost system?

Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for September follows. Assume that all materials are added at the beginning of its production process, and that conversion costs are added uniformly throughout the process.

Work in process inventory, September 1 (2,000 units, 100% complete with respect to direct materials, 80% complete with respect to direct labor and overhead; includes \(45,000 of direct materials cost, \)25,600 in direct labor cost, \(30,720 overhead cost)

\)101,320

Units started in September

28,000

Units completed and transferred to finished goods inventory

23,000

Work in process inventory, September 30 (__?__ units, 100% complete with respect to direct materials, 40% complete with respect to direct labor and overhead)

\(

Costs incurred in September

Direct materials

\)375,000

Conversion

$341,000

Compute each of the following, assuming Hi-Test uses the weighted-average method of process costing.

1. The number of physical units that were transferred out and the number that are in ending work in process inventory.

2. The number of equivalent units for materials for the month.

3. The number of equivalent units for conversion for the month.

4. The cost per equivalent unit of materials for the month.

5. The cost per equivalent unit for conversion for the month.

6. The total cost of goods transferred out.

7. The total cost of ending work in process inventory

For each of the following products and services, indicate whether it is more likely produced in a process operation (P) or a job order operation (J).

1. Beach toys

2. Concrete swimming pool

3. iPhones

4. Wedding reception

5. Custom suits

6. Juice

7. Tattoos

8. Guitar picks

Are the journal entries that match cost flows to product flows in process costing primarily the same or much different than those in job order costing? Explain.

Question: General Mills needs a steady supply of ingredients for processing. What are some risks the company faces regarding its ingredients?

See all solutions

Recommended explanations on Business Studies Textbooks

View all explanations

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.

Sign-up for free