Problem:
Les Fleurs, a boutique in Paris, France had the following accounts in its accounting records at December 31, 20X2 (amounts in Euros 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 figures to US $)
1. Net sales revenue
2. Cost of goods sold
3. Gross profit
Response should be two - three paragraphs long.