Question
In: Accounting
During 2020, Pharoah Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs...
During 2020, Pharoah Furniture Company purchases a carload of
wicker chairs. The manufacturer sells the chairs to Pharoah for a
lump sum of $47,880 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 |
320 | $90 | |||
|
Armchairs |
240 | 80 | |||
|
Straight chairs |
560 | 50 | |||
During 2020, Pharoah sells 160 lounge chairs, 80 armchairs, and 96
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 |
||
|---|---|---|
|
Amount of inventory of unsold straight chairs |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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