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Crawford Furniture Company_Computation of Gross profit & Ending Inventory




Question;During 2013, Crawford;Furniture Company purchases a carload of wicker chairs. The manufacturer sells;the chairs to Crawford for a lump sum of $65,000 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 400 $126;Armchairs;300 112;Straight;chairs 1,000 70;During;2013, Crawford sells 120 lounge chairs, 120 armchairs, and 170 straight chairs.;What;is the amount of gross profit realized during 2013?;What is the amount of;inventory of unsold straight chairs on December 31, 2013? (Round ratios for;computational purposes to 1 decimal place, e.g 78.7%, round cost per chair to 2;decimal places, e.g. $78.25 and final answers to 0 decimal places, e.g. $5,845.);Gross;profit realized during 2013 $;Amount;of inventory of unsold straight chairs $


Paper#37216 | Written in 18-Jul-2015

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