In: Accounting
12. Solution: $456
Working: Ending balance of WIP for Adams company at the end of the first quarter: Job no 360 = $456
13. Solution: $1685
Working: Ending balance of COGS for Adams company at the end of the first quarter = Job no 356 + Job no. 357 = $450 + $1235 = $1685
14. Solution: $1,067
Working: Ending balance of finished goods for Adams company = Job no 358 + Job no. 359 = $378 + $689 = $1,067
15. Solution: $2,685
Working: Balance of sales at the end of 1st quarter for Adams company = Job no 356 + Job no. 357 + Profit = $450 + $1235 + $1000 = $2,685
16. Solution: $1,000
Working: Gross profit for Adams company at the end of the 1st quarter = $500 profit on each job = $500 * 2 = $1,000