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WileyPLUS x e Chegg Study | Guided S: x ? Secure ! https://edugen.wileyplus.com/edugen/student/mainfr.uni : Apps UCF Federated ide ps://www.wileypl @ Course Home M McGraw-Hill Connec @ Research Participato Home ?? Handshake Career advice: Make LinkedIn WileyPLUS Kie, Intermediate Accounting, 16e INTERMEDIATE ACCTG (ACG 3131 &3141) Home Read, Study& Practice Gradebook ORION Downloadable eTextbook CALCULATO? FULL SCREE:N PRINTER ve?Story BACK ASSIGNMENT RESOURCES Exercise 9-10 Your answer is incorect. Try again. Brief Exercise 9-5 Brief Prercise 9-7 During 2017, Pearl Furniture Company purchases a carload of wicker chairs. The r solls the chairs to Pearl for a lump sum of $60,700 bocause it is diccontinuing manufacth f 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 400 200 700 Price Each $90 90 frercisP 9-73 Lounge chairs Armchairs Straight chairs During 2017, Pearl sells 200 lounge chairs, 100 armchairs, and 120 straight chairs What is the amount of gross profit realized during 2017? What is the amount of invantory of unsold straight chairs on Decamber 31, 2017? (Round cost per chair to 2 docimai places, a.g. 78.25 and final answor to 0 decimal places, e.g. 5,845.,) Groas profit realized during 2017 Amount of inventory of unsold straight chairs Version 4.24.5.1 7:27 PM Type here to search 42/2018 3

Explanation / Answer

SOLUTION

Gross profit = $9,669

Remaining Inventory (StraightChairs) = (700 - 120) * $34.88 = $20,230

Chairs No. of chairs (A) Sales price per chair ($) (B) Total sales price ($) (C= A*B) Relative sales price (D) Total cost ($) (E) Cost allocated to chairs ($) (F=D*E) Cost per chair ($)(G=F/A) Lounge chairs 400 90 36,000 41.38% 60,700 25,118 62.80 Arm chairs 200 80 16,000 18.40% 60,700 11,169 55.85 Straight chairs 700 50 35,000 40.22% 60,700 24,413 34.88 87,000 60,700

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