Question 1 of 10 During 2020, Cullumber Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Cullumber for a lump sum of $47,880 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 Type No. of Chairs Price Each Lounge chairs 320 $90 Armchairs 240 80 Straight chairs 560 50 During 2020, Cullumber sells 160 lounge chairs, 80 armchairs, and 96 straight 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? (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 2020 Amount of inventory of unsold straight chairs $ 9:41 AM ere to search w O