During 2020, Sarasota Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Sarasota for a lump sum of $107,730 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.
During 2020, Sarasota Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Sarasota for a lump sum of $107,730 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
|
720 | $90 | |||
|
Armchairs
|
540 | 80 | |||
|
Straight chairs
|
1,260 | 50 |
During 2020, Sarasota sells 360 lounge chairs, 180 armchairs, and 216 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 0 decimal places, e.g. 5,845.)
|
Gross profit realized during 2020
|
?
|
|
|---|---|---|
|
Amount of inventory of unsold straight chairs
|
? |
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