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 gross profit for Adams Company at the end of the first quarter?
A) $1,685
B) $2,685
C) $1,000
D) $685

Question

Use the information below for Adams Company to answer the questions that follow.
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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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  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) $1,685 
B) $2,685 
C) $1,000 
D) $685

Quizplus · Accepted Answer

Gross profit is calculated as sales minus the cost of goods sold (COGS). Without specific numbers provided for sales and COGS, it's not possible to calculate the exact figure. However, based on the choices provided and assuming this is the correct answer to a given set of data, the gross profit would be $1,000.

Use the Information Below for Adams Company to Answer the Questions