Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. exercise 9-10 during 2017, pharoah furniture compa

Exercise 9-10 During 2017, Pharoah Furniture Company purchases a carload of wicker chairs....

60.1K

Verified Solution

Question

Accounting

image

Exercise 9-10 During 2017, Pharoah Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Pharoah for a lump sum of $60,200 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. Selling Lounge chairs Armchairs Straight chairs No. of Chairs 400 300 800 Price Each $90 80 50 During 2017, Pharoah sells 100 lounge chairs, 110 armchairs, and 110 straight chairs. What is the amount of gross profit realized during 2017? What is the amount of inventory of unsold straight chairs on December 31, 2017? (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 2017 Amount of inventory of unsold straight chairs s

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

Which of the following changes leads to an increase in entropy of the system? The evaporation of...

Physics
1.2K views

The 10 F capacitor was initially charged by a battery After the switches are closed...

Basic Math
1.2K views

Prestige Corporation holds cash of 6 000 and owes 31 000 on accounts payable Prestige...

Basic Math
1.2K views

Show complete work on your worksheet! You many use the !, nCr and nPr functions...

Calculus
1.2K views

X Select 4 correct answer s 4 3 00 11 57 12 03 017 No...

Algebra
1.2K views

Dot Pattern F Stage 0 x Clear Stage 1 Create a graph to represent the...

Accounting
1.2K views

6:28 Find the standard deviation from the following 49, 63, 46, 59, 65,...

Accounting
1.2K views

UNIT PRODUCT COST IS 20!Exercise 7-6(Algo) Variable and Absorption Costing Unit Product Costs and Income...

Accounting
1.2K views

An employee's bi-weekly gross pensionable/taxable income is $1,373.50. This employee works in Qubec. What are...

Accounting
1.2K views

21. What does a partnership ratio of 4:3:2 mean? Does it mean the same as?:...

Accounting
1.2K views

Mayan Company had net income of $33,370. The weighted-average common shares outstanding were 9,400 ....

Accounting
1.2K views

Joint cost allocation Lovely Lotion Inc. produces three different lotions: hand, body, and foot. The...