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hunterwilliams375
hunterwilliams375
07.05.2020 • 
Business

During 2020, Pina Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Pina for a lump sum of $167,580 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 Lounge chairs 1,120 $90 Armchairs 840 80 Straight chairs 1,960 50 During 2020, Pina sells 560 lounge chairs, 280 armchairs, and 336 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? (Round cost per chair to 2 decimal places, e.g. 78.25 and final answer to 0 decimal places, e.g. 5,845.)

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