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

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Accounting

During 2020, Sandhill Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Sandhill for a lump sum of $119,700 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 Price Each

Lounge chairs

 720 $90

Armchairs

 540 80

Straight chairs

 1,260 50

During 2020, Sandhill sells 400 lounge chairs, 200 armchairs, and 240 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

$enter a dollar amount

Answer & Explanation Solved by verified expert
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