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Question
Use the information provided 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. The balances for the jobs for the quarter are as follows:
| Job. No. | Balance |
| 356 | $ 450 |
| 357 | 1,235 |
| 358 | 378 |
| 359 | 689 |
| 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. $1,685
b. $2,685
c. $1,000
d. $685
Answer
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