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During 2020, Headland Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Headiand 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. Estimated Selling Price Each No. of Chairs 960 $90 Type Lounge chairs Armchairs Straight chairs 720 80 1.680 50 During 2020, Headland sells480lounge chairs.240armchairs, and288straight 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 decimal places, eg, 5.845.) Gross profit realized during 2020 $ Amount of inventory of unsold straight chairs $ Blossom Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. $159,500 593,300 32,900 Inventory. May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts 974.400 75,900 10.800 Part 1 Your Answer Correct Answer (Used) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ 101,025 Part 2 Your answer is incorrect. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, eg. 78.74% and final answer to decimal places, eg: 6,225.) The estimated inventory at May 31 $