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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Solution Summary
This explains the computation of Net sales revenue, Cost of goods sold, Gross profit
Solution Preview
Net sales = Sales -Sales discount-Sales Return = ...
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