During 2017, Larkspur Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Larkspur for a lump sum of $54,400 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 300 $90 Armchairs 300 80 Straight chairs 800 50 During 2017, Larkspur sells 200 lounge chairs, 120 armchairs, and 120 straight chairs. What is the amount of gross profit realized during 2017? What is the amount of inventory of unsold straight chairs on December 31, 2017? (Round cost per chair to 2 decimal places, e.g. 78.25 and final answer to 0 decimal places, e.g. 5,845.)
Gross profit realized during 2017 $
Amount of inventory of unsold straight chairs $