Cao Inc. has worked on the following jobs during the first quarter of the year. The list of each job along with the balance of the total costs incurred at the end of the quarter is provided below: Job no. Ending Balance Job No. 221 $1,350 Job No. 222 1,270 Job No. 223 1,580 Job No. 224 1,690 Job No. 225 960 During the first quarter, jobs 221, 222, and 223 were completed; jobs 221 and 223 were sold on account for $2,000 and $2,380 respectively. What would be the amount of costs of goods sold to be recorded in the income statement of the first quarter? Group of answer choices $1,270 $2,650 $4,200 $2,930
Cao Inc. has worked on the following jobs during the first quarter of the year. The list of each job along with the balance of the total costs incurred at the end of the quarter is provided below: Job no. Ending Balance Job No. 221 $1,350 Job No. 222 1,270 Job No. 223 1,580 Job No. 224 1,690 Job No. 225 960 During the first quarter, jobs 221, 222, and 223 were completed; jobs 221 and 223 were sold on account for $2,000 and $2,380 respectively. What would be the amount of costs of goods sold to be recorded in the income statement of the first quarter? Group of answer choices $1,270 $2,650 $4,200 $2,930
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Cao Inc. has worked on the following jobs during the first quarter of the year. The list of each job along with the balance of the total costs incurred at the end of the quarter is provided below:
| Job no. | Ending Balance |
|---|---|
| Job No. 221 | $1,350 |
| Job No. 222 | 1,270 |
| Job No. 223 | 1,580 |
| Job No. 224 | 1,690 |
| Job No. 225 | 960 |
During the first quarter, jobs 221, 222, and 223 were completed; jobs 221 and 223 were sold on account for $2,000 and $2,380 respectively.
What would be the amount of costs of goods sold to be recorded in the income statement of the first quarter?
Group of answer choices
$1,270
$2,650
$4,200
$2,930
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