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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

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Solution Summary

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

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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 ...

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