Exercise 9-10 During 2017, Pharoah Furniture Company purchases a carload of wicker chairs....
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Exercise 9-10 During 2017, Pharoah Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Pharoah for a lump sum of $60,200 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. Selling Lounge chairs Armchairs Straight chairs No. of Chairs 400 300 800 Price Each $90 80 50 During 2017, Pharoah sells 100 lounge chairs, 110 armchairs, and 110 straight chairs. What is the amount of gross profit realized during 2017? What is the amount of inventory of unsold straight chairs on December 31, 2017? (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 2017 Amount of inventory of unsold straight chairs s
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