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:

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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

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