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Question: During 2014, Pretenders Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Pretenders for a lump sum of $68,000 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.

During 2014, Pretenders sells 130 lounge chairs, 110 armchairs, and 140 straight chairs.

What is the amount of gross profit realized during 2014? What is the amount of inventory of unsold straight chairs on December 31, 2014 (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 2014

Amount of inventory of unsold straight chairs

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92713179

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