Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During 2020, Sage Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Sage for a lump sum of $ 125,685

image text in transcribed
During 2020, Sage Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Sage for a lump sum of $ 125,685 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 Type Lounge chairs 840 $90 Armchairs 630 80 Straight chairs 1.470 50 During 2020, Sage sells 420 lounge chairs, 210 armchairs, and 252 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? (Do not round relative sales price. Round cost per chair to 2 decimal places, eg. 78.25 and final answer to decimal places, eg. 5,845) $ Gross profit realized during 2020 Amount of Inventory of unsold straight chairs $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information Systems

Authors: Patrick R. Wheeler, Ulric J. Gelinas, Richard B. Dull, Dull Gelinas Wheeler

International 10th Edition

017035539X, 9780170355391

More Books

Students also viewed these Accounting questions

Question

What is the theoretical minimum value for MAPE? (LG3)

Answered: 1 week ago

Question

describe the two basic forms of functional social support;

Answered: 1 week ago

Question

Explain key aspects of e-learning

Answered: 1 week ago

Question

To what extent can OL ideas help this organization?

Answered: 1 week ago