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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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Solution Summary

Accounting and merchandising for La Fleur organization.

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

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