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During 2017, Culver Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Culver for a lump sum of $61,500 because

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During 2017, Culver Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Culver for a lump sum of $61,500 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 Estimated Selling Price Each No. of Chairs 400 200 Type Lounge chairs Armchairs $90 80 50 Straight chairs00 During 2017, Culver sells 200 lounge chairs, 100 armchairs, and 110 straight chairs. What is the amount of gross profit realized during 2017? What is the amount of inventory of unsold straight chairs on December 31, 2017? (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 2017 Amount of inventory of unsold straight chairs s

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