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