On July 1st. Comfort Furnishings purchased all the remaining inventory of a competitor for $100,000 when their competitor, Larv Dan, went out of business. The products and their estimated seliling price for each listed below. 1. What is the amount of Gross Profit that Comfort will realize if they sell half of the sofas (100 units) in July? 2. What should the chairs be valued at in Comfort's ending inventory as of 7/31 if 100 chairs were sold during July