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During 2020, Wildhorse Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Wildhorse for a lump sum of $143,640 because

During 2020, Wildhorse Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Wildhorse for a lump sum of $143,640 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

960 $90

Armchairs

720 80

Straight chairs

1,680 50

During 2020, Wildhorse sells 480 lounge chairs, 240 armchairs, and 288 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, e.g. 78.25 and final answer to 0 decimal places, e.g. 5,845.)

Gross profit realized during 2020

$enter a dollar amount

Amount of inventory of unsold straight chairs

$enter a dollar amount

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