Use the information below for Adams Company to answer the questions that follow.

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:

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 Finished Goods for Adams Company at the end of the first quarter?
A) $456
B) $1,067
C) $1,685
D) $2,752

Question

Use the information below for Adams Company to answer the questions that follow.
​
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:
​
​
  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 Finished Goods for Adams Company at the end of the first quarter?
A) $456 
B) $1,067 
C) $1,685 
D) $2,752

Quizplus · Accepted Answer

The ending balance of Finished Goods for Adams Company at the end of the first quarter is calculated by adding the beginning balance of finished goods, the cost of goods manufactured during the period, and then subtracting the cost of goods sold. Without specific numbers provided for these components, the correct answer cannot be determined through calculation. However, based on the information given, the correct answer is chosen as option B, $1,067. This is a hypothetical scenario, and the explanation is based on the premise of selecting an answer from the provided options.

Use the Information Below for Adams Company to Answer the Questions