During 2020, Vaughn Furniture Company purchases a carload of wicker chairs. The manufacturer sells the...
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During 2020, Vaughn Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Vaughn for a lump sum of $ 89,775 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below. Type No. of Chairs Estimated Selling Price Each $ 90 600 Lounge chairs Armchairs Straight chairs 450 80 1,050 50 During 2020, Vaughn sells 300 lounge chairs, 150 armchairs, and 180 straight chairs. What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020? (Do not round relative sales price. Round cost per chair to 2 decimal places, eg: 78.25 and final answer to decimal places, eg. 5,845.) Gross profit realized during 2020 Amount of inventory of unsold straight chairs $ Teythm and
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