During 2020, Pronghorn Furniture Company purchases a carload of wicker chairs. The manufacturer sells the...
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During 2020, Pronghorn Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Pronghorn for alump sum of $161,595 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 1,080 810 1,890 Estimated Selling Price Each $90 80 50 During 2020, Pronghorn sells 540 lounge chairs, 270 armchairs, and 324 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, c.8. 78.25 and final answer to decimal places, c.8.5,845.) $ Gross profit realized during 2020 Amount of inventory of unsold straight chairs $
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