Homework Answers
Solution:
Gross profit: 9673.56
Amount of inventory of unsold straight chairs: 20,233
Working:
|
No of chairs |
Selling price |
Total sales price |
Relative sales price |
Total Cost |
Cost Allocated to Chairs |
Cost Per Chair |
|
|
Lounge |
400 |
90 |
36000 |
0.413793103 |
60,700 |
25117.24 |
62.79 |
|
Armchairs |
200 |
80 |
16000 |
0.183908046 |
60,700 |
11163.22 |
55.82 |
|
Straight chairs |
700 |
50 |
35000 |
0.402298851 |
60,700 |
24419.54 |
34.89 |
|
87000 |
60700 |
|
No of chairs sold |
Cost Per Chair |
Cost of Chairs Sold |
Selling price |
Sales |
Gross Profit |
|
|
Lounge |
200 |
62.79 |
12558.62 |
90 |
18000 |
5441.38 |
|
Armchairs |
100 |
55.82 |
5581.61 |
80 |
8000 |
2418.39 |
|
Straight chairs |
120 |
34.89 |
4186.21 |
50 |
6000 |
1813.79 |
|
22326.44 |
32000 |
9673.56 |
Straight chairs : (700 - 120) * 34.89 = 20,233
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Exercise 9-10
During 2020, Bramble Furniture Company purchases a carload of
wicker chairs. The manufacturer sells the chairs to Bramble for a
lump sum of $35,910 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.
Type
No. of Chairs
Estimated Selling
Price Each
Lounge chairs
240
$90
Armchairs
180
80
Straight chairs
420...
During 2020, Pina Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs...
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During 2020, Teal Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs...
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Please show all work
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Exercise 9-10
During 2020, Bramble Furniture Company purchases a carload of
wicker chairs. The manufacturer sells the chairs to Bramble for a
lump sum of $35,910 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.
Type
No. of Chairs
Estimated Selling
Price Each
Lounge chairs
240
$90
Armchairs
180
80
Straight chairs
420...
During 2020, Pina Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Pina for a lump sum of $143,640 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 Price Each Type No. of Chairs Lounge chairs 960 $90 Armchairs 720 Straight chairs 1,680 During 2020, Pina...
During 2020, Teal Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Teal for a lump sum of $143,640 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 Price Each Type No. of Chairs Lounge chairs 960 $90 Armchairs 720 80 Straight chairs 1,680 During 2020,...
During 2020, Flounder Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Flounder for a lump sum of $77,805 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 Price Each Type No. of Chairs Lounge chairs 520 $90 Armchairs 390 80 Straight chairs 910 During 2020,...
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