During 2020, Tamarisk Furniture Company pur lump sum or$71,820 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. Estimated Selling Туре No. of Chairs Price Each Lounge chairs 480 $90 Armchairs 360 80 Straight chairs 840 50 During 2020, Tamarisk sells 240 lounge chairs, 120 armchairs, and 144 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 O decimal places, eg. 5,845.) Gross profit realized during 2020 %24
During 2020, Tamarisk Furniture Company pur lump sum or$71,820 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. Estimated Selling Туре No. of Chairs Price Each Lounge chairs 480 $90 Armchairs 360 80 Straight chairs 840 50 During 2020, Tamarisk sells 240 lounge chairs, 120 armchairs, and 144 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 O decimal places, eg. 5,845.) Gross profit realized during 2020 %24
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![During 2020, Tamarisk Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Tamarisk for a
lump sum or$71,820 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.
Estimated
Selling
Туре
No. of Chairs
Price Each
Lounge chairs
480
$90
Armchairs
360
80
Straight chairs
840
50
During 2020, Tamarisk sells 240 lounge chairs, 120 armchairs, and 144 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, e.g. 78.25 and final answer to O decimal places, eg. 5,845.)
Gross profit realized during 2020
%24
Amount of inventory of unsold straight chairs
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd87d8eee-b792-430e-98e8-ed118dd425ec%2F76044c2f-0e84-4c45-9511-4c847f7eb84f%2F1ic4cc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:During 2020, Tamarisk Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Tamarisk for a
lump sum or$71,820 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.
Estimated
Selling
Туре
No. of Chairs
Price Each
Lounge chairs
480
$90
Armchairs
360
80
Straight chairs
840
50
During 2020, Tamarisk sells 240 lounge chairs, 120 armchairs, and 144 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, e.g. 78.25 and final answer to O decimal places, eg. 5,845.)
Gross profit realized during 2020
%24
Amount of inventory of unsold straight chairs
%24
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