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Net Sales Revenue, COGS, GP of Les Fleurs

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ACG230-0803B-09 Introduction to Accounting
Assignment Name: Unit 4 Individual Project

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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Solution Summary

Financial metrics of Les Fleurs are given and from those numbers the net sale revenue, the cost of goods sold, and the gross profit of the company are calculated.

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For this assignment, we must assume that inventory levels remain constant. In other words, because beginning and ending inventories are not given, we must assume that all items purchased were either ...

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