Question 1 During 2017, Culver Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Culver 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 No. of Chairs 300 200 700 Type Lounge chairs Armchairs Straight chairs During 2017, Culver sells 100 lounge chairs, 100 armchairs, and 100 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