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 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 gross profit for Adams Company at the end of the first quarter?
a.$685
b.$1,000
c.$1,685
d.$2,685
Homework Answers
Gross profit arises only when job is completed .
During the quarter Job 356 & 357 were sold and earn profit $500 each.
Therefore gross profit would be = $500*2
=$1000
Correct Option :C.$1000
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Can someone help me find the cost of jobs still in production as
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Ive seen multiple responses to this problem online that are
incorrect
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