During 2017, Concord Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Concord for a lump sum of $55,700 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 |
600 |
50 |
During 2017, Concord sells 100 lounge chairs, 100 armchairs, and 130 straight chairs.
Gross profit realized during 2017?
Amount of inventory of unsold straight chairs?