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Net sales, cost of goods, net profit
Asked Jun 27, 2006, 09:40 AM
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2 Answers 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 |
2 Answers
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| NET SALES REVENUE Inventory Sales…………………. 400,000 Less: Sales returns…………. 8,000 Less: Sales discounts…………. 4,000 Net Sales Revenue = 388,000 Cost of goods sold Purchases………………... E250,000 Add: Freight In……………… E8,000 Less: Purchase returns…….. 7,000 Less: Purchase discounts…. 3,000 Cost of good sold = 248,000 Gross Profit Net Sales Revenue = 388,000 Less: Cost of good sold = 248,000 Gross Profit = 140,000 | ||||
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