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-   -   How do I compute the following figures without converting to US dollars? (https://www.askmehelpdesk.com/showthread.php?t=70516)

  • Mar 9, 2007, 09:57 PM
    Sara Bryte
    How do I compute the following figures without converting to US dollars?
    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
  • Mar 10, 2007, 04:11 PM
    steffy
    Inventory Sales 400000
    Less Sales Discounts (4000)
    Less Sales Returns (8000)
    Net Sales Revenue 388000

    Less COS

    Opening Stock 20000
    Add Purchases 250000
    Less Purchase Discounts (3000)
    Less Purchase Returns (7000)
    260000
    Less Closing Stock (30000)
    Cost Of Sales 230000

    Gross Profit 158000

    Less Freight (8000)

    Net Gross Profit 150000

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