Exercise 3-5 During 2020, Bridgeport Furniture Limited purchased railway carload of wicker chairs. The manufacturer of the chairs sold them to Bridgeport for a lump sum of $59.000, because it was discontinuing manufacturing operations and wanted 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 a follows: Estimated Selling Type No. of Chairs Price per Chair Lounge chairs 500 $95 Straight chairs 650 55 Armchairs 360 30 Bridgeport estimates that the costs to sell this inventory would be $5 per chair. During 2020, Bridgeport sells 440 lounge chairs, 200 armchairs, and 100 straight chairs, at the same prices as estimated. At December 31, 2020, the remaining chairs were put on sale the lounge chairs at 25% off the regular price, the armchairs at 30% off and the straight chairs at door. All were expected to be sold at these prices, 3 Your answer is incorrect. Try again. What is the total cost of the chairs remaining in Inventory at the end of 2020, using the relative sales value method? (Round percentages to 1 decimal place .. 52.74 and all other amounts to 2 decimal places, e.g. 52.75.) 21674.3 Total costs Ell your answer is incorrect. Try again What is the net reliable value of the chairs remaining in inventory? (Round answer to 2 decimal places... 32.75.) 24585 Netreatable value 3 Your answer is incorrect. Try again. What is the appropriate inventory value to be reported on the December 31, 2020 statement of financial position, assuming the lower of cost and NRW & pled on an individual item basis? (Round answer to 2 decimal places, e.g. 52.75.) 21616 Inventory value