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Question - During 2020, Sunland Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Sunland for a lump sum of $173,565 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
1,160
$90
Armchairs
870
80
Straight chairs
2,030
50
During 2020, Sunland sells 580 lounge chairs, 290 armchairs, and 348 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?
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