During 2025, Metlock Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Metlock for a lump sum of $89,775 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 Type No. of Chairs Price Each Lounge chairs 600 Armchairs 450 $90 80 Straight chairs 1,050 88 50 During 2025, Metlock sells 300 lounge chairs, 150 armchairs, and 180 straight chairs. 1