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What is the amount of gross profit realized

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Question - During 2020, Carla Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Carla for a lump sum of $107,730 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, Carla sells 360 lounge chairs, 180 armchairs, and 216 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?

Reference no: EM132497207

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