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Question 6 During 2020, Swift Furniture Limited purchased a railway carload of wicker chairs. The manufacturer of the chairs sold them to Swifty for a
Question 6 During 2020, Swift Furniture Limited purchased a railway carload of wicker chairs. The manufacturer of the chairs sold them to Swifty for a lump sum of $58.100, because it was discontinuing manufacturing operations and wanted to dispose of its entire stock. Three types of chairs are induded in the carload. The three types and the estimated selling price for each are as follows: Estimated Selling Type No. of Chairs Price per Chair Lounge chairs 500 394 Straight chairs 660 54 Armchairs 290 79 Swifty estimates that the costs to sell this inventory would be $5 per chair. During 2020, Swifty sells 450 lounge chairs, 290 armchairs, and 190 straight chairs at the same prices estimated. At December 31, 2020, the remaining chairs were put on sale: the lounge chairs at 25% off the reputar price, the armchairs at 30% off, and the straight at 40% of were expected to be sold at these prices What is the total cost of the chair remaining In Inventory at the end of 2020, using the relative sides oe method? (Round percentages to 1 decimal place 527 am other amounts to 2 decimal places.. 52.75.) Total costs
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