During 2020, Splish Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Splish 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 1,120 840 1,960 Estimated Selling Price Each $90 80 50 During 2020, Splish 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, eg. 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 $
During 2020, Splish Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Splish 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 1,120 840 1,960 Estimated Selling Price Each $90 80 50 During 2020, Splish 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, eg. 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 $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:During 2020, Splish Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Splish
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
1,120
840
1,960
Estimated
Selling
Price Each
$90
80
50
During 2020, Splish 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 O decimal places, e.g. 5,845.)
Gross profit realized during 2020
Amount of inventory of unsold straight chairs $
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