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Question 1
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During 2020, Culver Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Culver for a
lump sum of $29,925 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types
ussions
of chairs are included in the carload. The three types and the estimated selling price for each are listed below.
rences
Estimated Selling
borations
Type
No. of Chairs
Price Each
PLUS Support
Lounge chairs
200
$90
Armchairs
150
Straight chairs
350
50
During 2020, Culver sells 100 lounge chairs, 50 armchairs, and 60 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? (Round cost per chair to 2 decimal places, e.g. 78.25 and final answer to O decimal places, e-g. 5,845.)
Gross profit realized during 2020
$
Amount of inventory of unsold straight chairs $
29
F5
F6
44
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