During 2020, Bramble Furniture Limited purchased a railway carload of wicker chairs. The manufacturer of the chairs sold them to Bramble for a lump sum of $58,600, because it was discontinuing manufacturing operations and wanted 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 as follows: Type Lounge chairs Straight chairs Armchairs No. of Chairs 470 Total costs 660 $ 350 Your answer is incorrect. Bramble estimates that the costs to sell this inventory would be $4 per chair. During 2020, Bramble sells 390 lounge chairs. 260 armchairs, and 140 straight chairs, all at the same prices as estimated. At December 31, 2020, the remaining chairs were put on sale: the lounge chairs at 25% off the regular price, the armchairs at 30% off, and the straight chairs at 40% off All were expected to be sold at these prices. What is the total cost of the chairs remaining in inventory at the end of 2020, using the relative sales value method? (Round percentages to 1 decimal place, eg. 52.7% and all other amounts to 2 decimal places, eg 52.75 Estimated Selling Price per Chair $95 55 eTextbook and Media 85 Your answer is incorrect.

During 2020, Bramble Furniture Limited purchased a railway carload of wicker chairs. The manufacturer of the chairs sold them to Bramble for a lump sum of $58,600, because it was discontinuing manufacturing operations and wanted 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 as follows: Type Lounge chairs Straight chairs Armchairs No. of Chairs 470 Total costs 660 $ 350 Your answer is incorrect. Bramble estimates that the costs to sell this inventory would be $4 per chair. During 2020, Bramble sells 390 lounge chairs. 260 armchairs, and 140 straight chairs, all at the same prices as estimated. At December 31, 2020, the remaining chairs were put on sale: the lounge chairs at 25% off the regular price, the armchairs at 30% off, and the straight chairs at 40% off All were expected to be sold at these prices. What is the total cost of the chairs remaining in inventory at the end of 2020, using the relative sales value method? (Round percentages to 1 decimal place, eg. 52.7% and all other amounts to 2 decimal places, eg 52.75 Estimated Selling Price per Chair $95 55 eTextbook and Media 85 Your answer is incorrect.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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