Question
In: Accounting
Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year.
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:
Job No350 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 Cost of Goods Sold for Adams Company at the end of the first quarter?
a. $1,685
b. $2,685
c. $685
d. $456
Solutions
Expert Solution
| Correct option is: a. $1,685 | |||
| Workings: | |||
| During first quarter Job 356 and Job 357 were sold: | |||
| Cost of goods sold | = | Balance of Job 356 + Job 357 | |
| = | $450 + $1235 | ||
| = | $ 1,685 | ||
ekkarill92 answered 3 years agoRelated Solutions
Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year
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 No. 356 $ 450 Job No. 357 1,235Job No. 358 378 Job No. 359 689ob No. 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...
Adams Company is a manufacturing company that has worked on several production jobs during the first...
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. No. 356 357 358 359 360 $ 450 1,235 378 689 456
Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job.
12. What is the ending balance of Work in Process for Adams...
Wayne Manufacturing Company has four operating divisions. During the first quarter of 2016, the company reported...
Wayne
Manufacturing Company has four operating divisions. During the
first quarter of 2016, the company reported the divisional results
shown below and aggregate income shown below.
Division:
North
South
East
West
Aggregate Income
Sales
$
454,410
$
347,490
$
276,210
$
160,380
Cost of goods sold
267,300
222,750
240,570
133,650
Selling and administrative expenses
53,460
71,280
57,915
62,370
Income (loss) from operations
$
133,650
$
53,460
$
(22,275)
$
(35,640)
$ 129,195...
Wayne Manufacturing Company has four operating divisions. During the first quarter of 2016, the company reported...
Wayne
Manufacturing Company has four operating divisions. During the
first quarter of 2016, the company reported the divisional results
shown below and aggregate income shown below.
Division:
North
South
East
West
Aggregate Income
Sales
$
459,000
$
351,000
$
279,000
$
162,000
Cost of goods sold
270,000
225,000
243,000
135,000
Selling and administrative expenses
54,000
72,000
58,500
63,000
Income (loss) from operations
$
135,000
$
54,000
$
(22,500)
$
(36,000)
$ 130,500...
Wayne Manufacturing Company has four operating divisions. During the first quarter of 2016, the company reported...
Wayne
Manufacturing Company has four operating divisions. During the
first quarter of 2016, the company reported the divisional results
shown below and aggregate income shown below.
Division:
North
South
East
West
Aggregate Income
Sales
$
459,000
$
351,000
$
279,000
$
162,000
Cost of goods sold
270,000
225,000
243,000
135,000
Selling and administrative expenses
54,000
72,000
58,500
63,000
Income (loss) from operations
$
135,000
$
54,000
$
(22,500)
$
(36,000)
$ 130,500...
Wayne Manufacturing Company has four operating divisions. During the first quarter of 2016, the company reported...
Wayne
Manufacturing Company has four operating divisions. During the
first quarter of 2016, the company reported the divisional results
shown below and aggregate income shown below.
Division:
North
South
East
West
Aggregate Income
Sales
$
459,000
$
351,000
$
279,000
$
162,000
Cost of goods sold
270,000
225,000
243,000
135,000
Selling and administrative expenses
54,000
72,000
58,500
63,000
Income (loss) from operations
$
135,000
$
54,000
$
(22,500)
$
(36,000)
$ 130,500...
Ribeiro Manufacturing Company has four operating divisions. During the first quarter of 2016, the company reported...
Ribeiro Manufacturing Company has four operating divisions.
During the first quarter of 2016, the company reported aggregate
income from operations of $145,000 and the following divisional
results:
See table for division sales, COGS, S&A expenses
etc. at:
https://www.solutioninn.com/ribeiro-manufacturing-company-has-four-operating-divisions-during-the-first
Discontinuance of any division would save 50% of the fixed costs
and expenses for that division.
Top management is very concerned about the unprofitable divisions
(III and IV). Consensus is that the company should discontinue one
or both of these divisions.
Instructions...
Wayne Manufacturing Company has four operating divisions. During the first quarter of 2016, the company reported...
Wayne
Manufacturing Company has four operating divisions. During the
first quarter of 2016, the company reported the divisional results
shown below and aggregate income shown below.
Division:
North
South
East
West
Aggregate
Income
Sales
$
459,000
$
351,000
$
279,000
$
162,000
Cost of goods
sold
270,000
225,000
243,000
135,000
Selling and
administrative expenses
54,000
72,000
58,500
63,000
Income (loss) from
operations
$
135,000
$
54,000
$
(22,500)
$
(36,000)
$ 130,500...
Wayne Manufacturing Company has four operating divisions. During the first quarter of 2016, the company reported...
Wayne
Manufacturing Company has four operating divisions. During the
first quarter of 2016, the company reported the divisional results
shown below and aggregate income shown below.
Division:
North
South
East
West
Aggregate Income
Sales
$
459,000
$
351,000
$
279,000
$
162,000
Cost of goods sold
270,000
225,000
243,000
135,000
Selling and administrative expenses
54,000
72,000
58,500
63,000
Income (loss) from operations
$
135,000
$
54,000
$
(22,500)
$
(36,000)
$ 130,500...
A company sells 1,200 units during the first quarter of the year at a selling price...
A company sells 1,200 units during the first quarter of the year
at a selling price of $25 per unit. In addition, the
company has a beginning inventory of 600 units that were purchased
at $10 per unit, and the following purchases and sales.
Date Units sold Units purchased Cost per unit
January 10 300
$11
January 25 450
February 7 400 $12
February 14 200
March 5 300 $14
March 27 550
If the company uses...
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