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QUESTION 14 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 No. 356 Job No. 357 Job No. 358 Job No. 359 Job No. 360 Balance $ 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. What is the ending balance of Work in Process for Adams Company at the end of the first quarter? a. $3,208 b. $0 C. $456 d. $2,752

QUESTION 14 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 No. 356 Job No. 357 Job No. 358 Job No. 359 Job No. 360 Balance $ 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. What is the ending balance of Work in Process for Adams Company at the end of the first quarter? a. $3,208 b. $0 C. $456 d. $2,752

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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QUESTION 14 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 No. 356 Job No. 357 Job No. 358 Job No. 359 Job No. 360 Balance $ 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. What is the ending balance of Work in Process for Adams Company at the end of the first quarter? a. $3,208 b. $0 C. $456 d. $2,752
Transcribed Image Text:QUESTION 14 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 No. 356 Job No. 357 Job No. 358 Job No. 359 Job No. 360 Balance $ 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. What is the ending balance of Work in Process for Adams Company at the end of the first quarter? a. $3,208 b. $0 C. $456 d. $2,752
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