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Les Fleurs: Financial Calculations

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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.)
1. Net sales revenue
2. Cost of goods sold
3. Gross profit
Please submit your assignment.

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This solution contains step-by-step calculations to determine net sales revenue, cost of goods sold and gross profit for Les Fleurs boutique.

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1. Net sales revenue is the amount of sales minus sales returns minus sales discounts (because when customers return items, we don't get to count the original sale and when we give a customer a discount on a sale, the sale is counted as the net amount of that sale). As such, purchases were 400000; sales discounts were 4000; sales returns were ...

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