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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 $54,200 because
During 2017, Culver Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Culver for a lump sum of $54,200 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. and the Estimated Selling Price Each Type No. of Chairs $90 80 s0 Lounge chairs Straight chairs During 2017, Culver sells 150 lounge chairs, 120 armchairs, and 120 straight chairs. What is the amount af gross profit realized during 2017? What is the amount of inventory of unsold straight chairs on December 31, 2017 (Round cost per chair to 2 decimal places,e.g.78.25 and fial answer to O decimai places, e.g.$,845) Gross profit realized during 2017 Amount of inventory of unsold straight chairs 300
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