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    Cost of goods sold

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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.)

    Net sales revenue
    Cost of goods sold
    Gross profit

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    https://brainmass.com/business/business-math/cost-of-goods-sold-242617

    Solution Preview

    Net Sales Revenue = Sales - Sales Returns-Sales Discount
    =400000-3000-4000
    E393000 ...

    Solution Summary

    Response provides the steps to compute the Cost of goods sold

    $2.19

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