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During 2020, Bonita Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Bonita for a lump sum of $77,805 because

During 2020, Bonita Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Bonita for a lump sum of $77,805 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

520 $90

Armchairs

390 80

Straight chairs

910 50

During 2020, Bonita sells 260 lounge chairs, 130 armchairs, and 156 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, 2020? (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 2020

$enter a dollar amount

7,207

Amount of inventory of unsold straight chairs

$enter a dollar amount

47,494

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