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

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Accounting

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During 2020, Sheffield Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to sheffield for a lump sum of $179,550 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carioad. The three types and the estimated selling price for each are listed below. During 2020, 5hetfeld sells 600 lounge chairs, 300 armchairs, and 360 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 o decimal places, e.9. 5,845.)

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