During 2020, Oriole Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs...
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During 2020, Oriole Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Oriole for a lump sum of $155,610 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 Туре No. of Chairs Price Each Lounge chairs 1,040 $90 Armchairs 780 80 Straight chairs 1,820 50 During 2020, Oriole sells 520 lounge chairs, 260 armchairs, and 312 straight chairs. What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020? (Do not round relative sales price. Round cost per chair to 2 decimal places, e.g. 78.25 and final answer to O decimal places, e.g. 5,845.) Gross profit realized during 2020 2$ Amount of inventory of unsold straight chairs 2$ During 2020, Oriole Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Oriole for a lump sum of $155,610 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 Туре No. of Chairs Price Each Lounge chairs 1,040 $90 Armchairs 780 80 Straight chairs 1,820 50 During 2020, Oriole sells 520 lounge chairs, 260 armchairs, and 312 straight chairs. What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020? (Do not round relative sales price. Round cost per chair to 2 decimal places, e.g. 78.25 and final answer to O decimal places, e.g. 5,845.) Gross profit realized during 2020 2$ Amount of inventory of unsold straight chairs 2$
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Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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