A sales order, a production order, a materials requisition form, and a labor time ticket are involved in producing and costing products. This is further explained below.
A sales order is issued after an agreement on quantities, prices, and shipment dates for goods has been reached with a customer.
The sales order serves as the foundation for the production order.
The production order specifies what will be manufactured and serves as the foundation for the job cost sheet.
In turn, the job cost sheet is used to summarize the various production costs incurred in order to complete the job.
These costs are derived from materials requisition forms, labor time tickets, and the application of overhead.
Hence, a sales order, a production order, a materials requisition form, and a labor time ticket are involved in producing and costing products.
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