View Policies Current Attempt in Progress During 2017, Teal Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Teal for a lump sum of $6,080, 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 Lounge chairs No. of Chairs Price Each 60 $45 Armchairs 40 40 Straight chairs 140 25 During 2017, Teal sells 20 lounge chairs, 20 armchairs, and 20 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 $ Save for Later Attempts: 0 of 1 used Submit