During 2020, Stellar Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Stellar for a lump sum of $179,550because 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 1120 $90

Armchairs 840 $80

Straight chairs 1960 $50

During 2020, Stellar sells600lounge chairs,300armchairs, and360straight 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?

Gross profit realized during 2020?

Amount of inventory of unsold straight chairs?