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    Les Fleures

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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 (1 - 2 paragraphs) the following for Les Fleurs during 20X2: (Do not convert to US dollars.)
    1.Net sales revenue
    2.Cost of goods sold
    3.Gross profit

    © BrainMass Inc. brainmass.com June 3, 2020, 7:02 pm ad1c9bdddf
    https://brainmass.com/business/accounting/les-fleures-84692

    Solution Preview

    1.Net Sales Revenue= Sales- Sales Returns- Sales Discounts
    Net Sales Revenue=$400,000-$8,000-$4,000
    Net Sales Revenue=$388,000

    2. The ...

    Solution Summary

    The solution explains how to calculate net sales, cost of goods sold and gross profit.

    $2.19

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