Question:
Answer:
The receiving report should be reconciled to the initial purchase order and the vendor’s invoice
before recording or paying for inventory purchases. This procedure will verify that the inventory
received matches the type and quantity of inventory ordered. It also verifies that the vendor’s
invoice is charging the company for the actual quantity of inventory received at the agreed-upon
price
Answer:
The receiving report should be reconciled to the initial purchase order and the vendor’s invoice
before recording or paying for inventory purchases. This procedure will verify that the inventory
received matches the type and quantity of inventory ordered. It also verifies that the vendor’s
invoice is charging the company for the actual quantity of inventory received at the agreed-upon
price
