Question
During 2020, Sheridan Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs...
During 2020, Sheridan Furniture Company purchases a carload of
wicker chairs. The manufacturer sells the chairs to Sheridan for a
lump sum of $119,700 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 720 $90
Armchairs 540 80
Straight chairs 1,260 50
During 2020, Sheridan sells 400 lounge chairs, 200 armchairs,
and 240 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 0 decimal places, e.g.
5,845.)
Gross profit realized during 2020 $_________
Amount of inventory of unsold straight chairs $_________
(Give me the exactly answer for this blanks please)
Homework Answers
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