Question
During 2020, Waterway Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs...
During 2020, Waterway Furniture Company purchases a carload of
wicker chairs. The manufacturer sells the chairs to Waterway for a
lump sum of $35,910 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 |
|||
|---|---|---|---|---|---|
|
Lounge chairs |
240 | $90 | |||
|
Armchairs |
180 | 80 | |||
|
Straight chairs |
420 | 50 | |||
During 2020, Waterway sells 120 lounge chairs, 60 armchairs, and 72
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,
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
During 2020, Kingbird Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs...
During 2020, Kingbird Furniture Company purchases a carload of
wicker chairs. The manufacturer sells the chairs to Kingbird for a
lump sum of $35910 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
240
$90
Armchairs
180
80
Straight chairs
420
50
During...
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...
During 2020, Splish Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs...
During 2020, Splish Furniture Company purchases a carload of
wicker chairs. The manufacturer sells the chairs to Splish for a
lump sum of $155,610 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
1,040
$90
Armchairs
780
80
Straight chairs
1,820
50
During...
During 2020, Pronghorn Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs...
During 2020, Pronghorn Furniture Company purchases a carload of
wicker chairs. The manufacturer sells the chairs to Pronghorn for a
lump sum of $65,835 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
440
$90
Armchairs
330
80
Straight chairs
770
50
During...
Exercise 9-10 During 2020, Carla Furniture Company purchases a carload of wicker chairs. The manufacturer sells...
Exercise 9-10 During 2020, Carla Furniture Company purchases a
carload of wicker chairs. The manufacturer sells the chairs to
Carla for a lump sum of $89,775 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 600 $90
Armchairs 450 80 Straight chairs 1,050...
During 2017, Sage Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs...
During 2017, Sage Furniture Company purchases a carload of
wicker chairs. The manufacturer sells the chairs to Sage for a lump
sum of $54,900 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 300 $90
Armchairs 300 80
Straight chairs 800 50
During...
During 2020, Bridgeport Furniture Limited purchased a railway carload of wicker chairs. The manufacturer of the...
During 2020, Bridgeport Furniture Limited purchased a railway
carload of wicker chairs. The manufacturer of the chairs sold them
to Bridgeport for a lump sum of $58,600, because it was
discontinuing manufacturing operations and wanted 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 as
follows:
Type
No. of Chairs
Estimated Selling
Price per Chair
Lounge chairs
500
$95
Straight chairs
690
55...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 3 minutes ago
asked 7 minutes ago
asked 14 minutes ago
asked 14 minutes ago
asked 15 minutes ago
asked 23 minutes ago
asked 36 minutes ago
asked 44 minutes ago
asked 55 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago