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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
Administrative Expenses
Balance Sheet - December 31, 20X1
Cash
10,000
Owner's Equity
Compute the following for Les Fleurs during 20X2: (Do not convert the figures to US dollars.)
1.Net sales revenue 2.Cost of goods sold 3.Gross profit 4.Net income 5.Balance sheet, December 31, 20X2 6.Statement of Owner's Equity, December 31, 20X2
Variance analysis is used as a tool to evaluate performance.
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