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Category > Accounting Posted 24 Sep 2017 My Price 5.00

Crawford Furniture Company

(Relative Sales Value Method) during 2013, Crawford Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Crawford for a lump sum of $60,000 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.

Type

No. of Chairs

Estimated Selling Price Each

Lounge chairs

400

$90

Armchairs

300

80

Straight chairs

800

50

During 2013, Crawford sells 200 lounge chairs, 100 armchairs, and 120 straight chairs.

Instructions

What is the amount of gross profit realized during 2013? What is the amount of inventory of unsold straight chairs on December 31, 2013?

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 11:09 PM My Price 5.00

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