During 2020, Cheyenne Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Cheyenne for a lump sum of $143,640 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 960 $90 Armchairs 720 80 Straight chairs 1,680 50 During 2020, Cheyenne sells 480 lounge chairs, 240 armchairs, and 288 straight chairs. What is the amount of gross profit realized during 2020

Gross profit realized = $76800 - $48384 =$28416

Explanation:

                                                    stand alone price

Lounge chairs (960*$90)      =   $86400

Armchairs (720*$80)             =   $57600

Straight chairs (1680*$50)    =   $84000

                                                    $228000

cost per type

Lounge chairs( $143640*$86400/$228000) = $ 54432

Armchairs ($143640*$57600/$228000)        =$36288

Straight chair( $143640*$84000/$228000)   = $52920

COST PER UNIT

Lounge $54432/ 960 = $56.70

Armchairs $36288/720= $50.4

Straight $52920/1680 = $31.50

COST OF SALES

Lounge (480*$56.70) =$27216

Arm     (240*$50.40) =$12096

Straight(288*$31.50) =$9072

                                                  =$48384

using the same estimated price

SALES

Lounge  (480*$90)= $43200

Arm(240*$80)        = $19200

Straight (288* $50) = $14400

                                                = $76800

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