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# Sales, cost, and profit

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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

#### 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.

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