During 2020, Skysong Furniture Company purchases a carload ofwicker chairs. The manufacturer sells the chairs to Skysong for alump sum of $77,805 because it is discontinuing manufacturingoperations and wishes to dispose of its entire stock. Three typesof chairs are included in the carload. The three types and theestimated selling price for each are listed below.
Type | | No. of Chairs | | Estimated Selling
Price Each |
|---|
Lounge chairs | | 520 | | $90 | |
|---|
Armchairs | | 390 | | 80 | |
|---|
Straight chairs | | 910 | | 50 | |
|---|
During 2020, Skysong sells 260 lounge chairs, 130 armchairs, and156 straight chairs.
What is the amount of gross profit realized during 2020? What isthe amount of inventory of unsold straight chairs on December 31,2020? (Round cost per chair to 2 decimal places, e.g.78.25 and final answer to 0 decimal places, e.g.5,845.)
Gross profit realized during 2020 | | $enter a dollar amount |
|---|
Amount of inventory of unsold straight chairs | | $enter a dollar amount |
|---|
