Hes only in Math 2, unless that is calc I don't think it's that complicated. Regardless, ya that is what i did. I also changed it so that you multiplied everything for the chairs by 3, so that the profits were the same for the two different aspects, 1 table or 3 chairs. So you would have like 9 board feet and 6 labor hours for chairs.
9x+7y=420
6x+8y=400
multiply bottom equation by 3/2, so that it is 9x for both, subtract bottom from top and you are left with:
-6y=-180, you can take out a negative. Divide by 5, you get 36 for y. Plug that y value into either equation, and you get 56/3 for x. However, x is equal to chairs, and I multiplied the chair value times 3 earlier. So you could really say it is like, 3x+7y=420 or 2x+8y=400. This gives you a chair value of 56. Thus you have 36 tables (y value) and 56 chairs (x value), which will give you exactly 420 board feet and 400 hours labor. I didn't check to see if these are the max using calc, but I'm pretty sure it is just from how these equations work out.