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    Accounting for Merchandising Organizations - La Fleur

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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 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 figures to US $)

    1. Net sales revenue
    2. Cost of goods sold
    3. Gross profit

    Response should be two - three paragraphs long.

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    https://brainmass.com/business/accounting/accounting-merchandising-organizations-la-fleur-90529

    Solution Preview

    NET SALES REVENUE
    Sales 400,000
    Less: Sales returns 8,000
    Less: Sales discounts 4,000
    Net Sales ...

    Solution Summary

    Accounting and merchandising for La Fleur organization.

    $2.19

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