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    Sales, cost, and profit

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    2-3 paragraphs
    Details: 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/sales-cost-and-profit-210761

    Solution Preview

    The information listed above is not align properly. I rearranged this information as follows:

    Purchases.....................E250,000
    Freight In.................. E8,000
    Sales discounts............. 4,000
    Purchase returns........ 7,000
    Sales...................... 400,000
    Purchase discounts.... 3,000
    Sales returns............. 8,000
    Inventory
    December 31, 20X1..... 20,000
    December 31, 20X2..... 30,000

    (1) Net sales ...

    Solution Summary

    This provides an example of calculating sales, cost of goods, and gross profit.

    $2.19

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