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: BalanceJob 356$450 Job 3571,235 Job 358378 Job 359689 Job 360456 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.$1,067b.$2,752c.$1,685d.$456

Steps in the Job Order Costing Process: In job order costing systems, the following steps are…

Answered: Adams Company is a manufacturing…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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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