During 2013, Crawford Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Crawford for a lump sum of $65,000 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 Price Each
Lounge chairs 400 $126
Armchairs 300 112
Straight chairs 1,000 70
During 2013, Crawford sells 120 lounge chairs, 120 armchairs, and 170 straight chairs.
What is the amount of gross profit realized during 2013?
What is the amount of inventory of unsold straight chairs on December 31, 2013? (Round ratios for computational purposes to 1 decimal place, e.g 78.7%, round cost per chair to 2 decimal places, e.g. $78.25 and final answers to 0 decimal places, e.g. $5,845.)
Gross profit realized during 2013 $
Amount of inventory of unsold straight chairs $
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