During 2020, Monty Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Monty fo

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During 2020 Monty Furniture Company Purchases A Carload Of Wicker Chairs The Manufacturer Sells The Chairs To Monty Fo 1 (93.21 KiB) Viewed 36 times

During 2020, Monty Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Monty for a lump sum of $53,865 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. Estimated Selling Price Each Type No. of Chairs Lounge chairs 280 $90 Armchairs 210 80 Straight chairs 490 50 During 2020, Monty sells 180 lounge chairs, 90 armchairs, and 108 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 $