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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 all the jobs for the quarter: Balance: Job 356 S 450 Job 357 $1,235 Job 358 $378 Job 359 $689 Job 360 $456 Jobs 356. 357, 358. and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job. 42. what is the ending balance of Finished Goods for Adams Company at the end of the first quarter? a. 5456 b. $1.067 c. 51,685 d. $2,752 P a g e 3 | 12 Please use answer sheet providedllll l!!! Midterm Exam-MGT3110 MAKE SURE YOU READ EVERY QUESTION CAREFULLY BEFORE ANSWERING. 43. Which of the following statements is false? 3. There is no overlap between nancial and managerial accounting. b. Managerial accounting sometimes relies on past information. c. Managerial accounting does not need to conform to GAAP. d. Financial accounting must conform to GAAP. 44. Which of the following manufacturing costs is an indirect cost of producing a product? 3. oil lubricants used for factory machinery b. com missions for sales personnel c. hourly wages of an assembly worker d. memory chips for a microcomputer manufacturer 45. The following are all product costs except a. direct materials b. sales and administrative expenses c. direct labor d. factory overhead