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Net sales, cost of goods, net profit
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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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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