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What is the amount of gross profit realized

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During 2020, Stellar Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Stellar 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 carload. The three types and the estimated selling price for each are listed below.

Type                                    No. of Chairs            Estimated Selling Price Each

Lounge chairs                           1120                           $90

Armchairs                                     840                         $80

Straight chairs                               1960                         $50

During 2020, Stellar sells 600 lounge chairs, 300 armchairs, and 360 straight chairs.

Question 1: 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: EM132608114

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