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
This question was asked on Jan 12, 2014 and answered on Jan 13, 2014.
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