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 balance of Sales for Adams Company at the end of the first quarter? Oa. $2,685 Ob. $1,000 Oc. $685 Od. $1,685
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 balance of Sales for Adams Company at the end of the first quarter? Oa. $2,685 Ob. $1,000 Oc. $685 Od. $1,685
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text: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 balance of Sales for Adams Company at the end of the first quarter?
Oa. $2,685
Ob. $1,000
Oc. $685
Od. $1,685
Expert Solution

Step 1 Introduction
The sales revenue is calculated as sum of cost and profit.
The cost of goods include the total cost of jobs that are sold during the period.
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Solved in 2 steps
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