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24 February, 16:24

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 $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. What is the ending balance of Cost of Goods Sold for Adams Company at the end of the first quarter?

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  1. 24 February, 16:28
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    Our answer is 1000

    Explanation:

    Gross Profit for Adams company at the end of the first quarter

    Balance Status Sales Inventory Profit

    Job. 356 450 Completed 950 500

    Job. 357 1235 Completed 1735 500

    Job. 358 378 Completed 378 0

    Job. 359 689 Completed 689 0

    Job. 356 456 In process 456 0

    3208 2685 1523 1000
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