During 2025, Blossom Furniture Company purchases a carloa 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 Lounge chairs Armchairs Straight chairs No. of Chairs 1.120 840 1,960 Estimated Selling Price Each $90 80 50
During 2025, Blossom Furniture Company purchases a carloa 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 Lounge chairs Armchairs Straight chairs No. of Chairs 1.120 840 1,960 Estimated Selling Price Each $90 80 50
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:During 2025, Blossom Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Blossom 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
Lounge chairs
Armchairs
Straight chairs
No. of Chairs
(a)
1.120.
840
1,960
Estimated
Selling
Price Each
$90
x Your answer is incorrect.
80
During 2025, Blossom sells 560 lounge chairs, 280 armchairs, and 336 straight chairs.
50
What is the amount of gross profit realized during 2025? (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 2025 $
4323648
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