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During 2020. Cheyenne Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Cheyenne for a lump sum of $149,625 because

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During 2020. Cheyenne Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Cheyenne for a lump sum of $149,625 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. No. of Chairs Estimated Selling Price Each 1,000 $90 Type Lounge chairs Armchairs Straight chairs 750 BO 1.750 50 During 2020, Cheyenne sells 500 lounge chairs. 250 armchairs, and 300 straight chairs What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs an December 31, 2020? (Do not round relative sales price. Round cost per chair to 2 decimal places, es 78.25 and final answer to decimal places as 5845) Gross profit realized during 2020 Amount of inventory of unsold straight chairs

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