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    Butterflies's Avatar
    Butterflies Posts: 1, Reputation: 1
    New Member
     
    #1

    Jun 27, 2006, 09:40 AM
    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
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
     
    #2

    Jun 27, 2006, 01:10 PM
    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
    lady D40's Avatar
    lady D40 Posts: 2, Reputation: 1
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    #3

    Feb 10, 2008, 09:07 PM
    Comment on CaptainForest's post
    Thanks because we had a lousy teacher.

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