Exercise 9-10 During 2017, Metlock Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Metlock for a lump sum of $60,800 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 Price Each $90 80 50 Selling Type Lounge chairs Armchairs Straight chairs No. of Chairs 400 300 600 During 2017, Metlock sells 200 lounge chairs, 120 armchairs, and 120 straight chairs What is the amount of gross profit realized during 2017? What is the amount of inventory of unsold straight chairs on December 31, 2017? (Round cost per chair to 2 decimal places, e.g. 78.25 and final answer to O decimal places, e.g. 5,845.) Gross profit realized during 2017 Amount of inventory of unsold straight chairs