The image displays a form titled "SHAMROCK COMPANY Cost of Goods Manufactured Schedule." It includes several blank fields and dropdown menus for input. While the exact labels and options are not visible, here's a general explanation based on typical cost of goods manufactured (COGM) schedules:1. **Material Costs:** - Raw Materials Inventory (Beginning) - Purchases of Raw Materials - Less: Raw Materials Inventory (Ending) - Total Raw Materials Used2. **Direct Labor:** - Total Direct Labor Costs3. **Manufacturing Overhead:** - Various overhead costs (e.g., indirect materials, indirect labor, depreciation) 4. **Total Manufacturing Costs:** - Sum of Direct Materials, Direct Labor, and Manufacturing Overhead5. **Work in Process:** - Add: Work in Process Inventory (Beginning) - Less: Work in Process Inventory (Ending) - Cost of Goods ManufacturedThe arrangement is likely designed to calculate the total cost of goods manufactured, which is crucial for financial reporting and management decision-making. **Financial Records of Shamrock Company for Fiscal Year Ending June 30, 2022**The following data was taken from the records of Shamrock Company:- **Inventories:** - Raw Materials Inventory (7/1/21): $50,400 - Raw Materials Inventory (6/30/22): $39,900 - Finished Goods Inventory (7/1/21): $99,600 - Finished Goods Inventory (6/30/22): $20,600 - Work in Process Inventory (7/1/21): $27,300 - Work in Process Inventory (6/30/22): $20,100- **Labor:** - Direct Labor: $148,350 - Indirect Labor: $25,660- **Accounts and Expenses:** - Accounts Receivable: $28,000 - Factory Insurance: $5,500 - Factory Machinery Depreciation: $18,100 - Factory Utilities: $30,100 - Office Utilities Expense: $8,650 - Sales Revenue: $562,100 - Sales Discounts: $5,300 - Factory Manager’s Salary: $64,900 - Factory Property Taxes: $9,610 - Factory Repairs: $2,200 - Raw Materials Purchases: $98,700 - Cash: $38,200This financial overview includes various inventory levels at the start and end of the fiscal year, details of labor costs, and specific accounts and expenses associated with the operation of Shamrock Company.

Current Attempt in Progress The following data were taken from the records of Shamrock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $50,400 39,900 99,600 20,600 27,300 20,100 148,350 25,660 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $28,000 5,500 18,100 30,100 8,650 562,100 5,300 64,900 9,610 2,200 98,700 38,200 k

Current Attempt in Progress The following data were taken from the records of Shamrock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $50,400 39,900 99,600 20,600 27,300 20,100 148,350 25,660 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $28,000 5,500 18,100 30,100 8,650 562,100 5,300 64,900 9,610 2,200 98,700 38,200 k

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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