Question

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?

Answer 1

Answer:

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