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Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below is a list of
Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below is a list of all the jobs for the quarter: Balance Job. No. 356 357 358 359 360 $ 450 1,235 378 689 456 Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job. 12. What is the ending balance of Work in Process for Adams Company at the end of the first quarter? a. $0 b. $456 c. $3,208 d. $2,752 13. What is the ending balance of Cost of Goods Sold for Adams Company at the end of the first quarter? a. $456 b. $2,685 c. $1,685 d. $685 14. What is the ending balance of Finished Goods for Adams Company at the end of the first quarter? a. $456 b. $1,067 c. $1,685 d. $2,752 15. What is the balance of Sales for Adams Company at the end of the first quarter? a. $1,685 6. $2,685 c. $1,000 d. $685 16. What is the gross profit for Adams Company at the end of the first quarter? a. $1,685 b. $2,685 c. $1,000 d. $685
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