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    Compute sales, CGS and gross profit

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    Les Fleurs, a boutique in Paris, France, had the following accounts in its accounting records at December 31, 20X2 (amounts in Euros, denoted as "E")

    Purchases.....................
    E250,000 Freight In.................. E8,000
    Sales discounts............. 4,000 Purchase returns........ 7,000
    Inventory Sales...................... 400,000
    December 31, 20X1..... 20,000 Purchase discounts.... 3,000
    December 31, 20X2..... 30,000 Sales returns............. 8,000

    Compute the following for Les Fleurs during 20X2: (Do not convert the figures to US dollars.)

    Net sales revenue
    Cost of goods sold
    Gross profit

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    https://brainmass.com/business/accounting/accounting-merchandising-for-les-fleurs-compute-sales-cgs-and-gross-profit-204038

    Solution Preview

    Please find the solution in the attached file.

    Les Fleurs, France

    For the Year Ended December 31, 20X2 (all in Euros)

    Sales revenues
    Sales 400,000
    Less: Sales returns ...

    Solution Summary

    Attached Word file provides accounting-merchandising for Les Fleurs including the net sales, cost of goods sold and gross profit.

    $2.19

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