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    Financial items of an organization

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    Les Fleurs, a boutique in Paris, France, had the following accounts in its accounting records at December 31, 2002 (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 2002: (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/financial-items-of-an-organization-75266

    Solution Preview

    Net sales = Sales -Sales discount-Sales Return = ...

    Solution Summary

    This explains the computation of Net sales revenue, Cost of goods sold, Gross profit

    $2.19

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