Question
In: Accounting
During 2020, Pearl Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs...
During 2020, Pearl Furniture Company purchases a carload of
wicker chairs. The manufacturer sells the chairs to Pearl for a
lump sum of $29,925 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 |
|||
|---|---|---|---|---|---|
|
Lounge chairs |
200 | $90 | |||
|
Armchairs |
150 | 80 | |||
|
Straight chairs |
350 | 50 | |||
During 2020, Pearl sells 100 lounge chairs, 50 armchairs, and 60
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.)
|
Gross profit realized during 2020 |
$enter a dollar amount |
|
|---|---|---|
|
Amount of inventory of unsold straight chairs |
$ |
Solutions
Expert Solution
Above figures have been calculated in the following manner:
ekkarill92 answered 2 years agoRelated Solutions
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