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
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