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 Finished Goods for Adams Company at the end of the first quarter? a.$1,067 b.$2,752 c.$1,685 d.$456

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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 $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 Finished Goods for Adams Company at the end of the first quarter?

a.$1,067
b.$2,752
c.$1,685
d.$456
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