What was Creswell's gross profit during 2015 on these financial accounting question? Creswell Ventures had $85,000 in sales during 2015. Duringthe year, Creswell purchased $28,000 in inventory. Thecompany began the year with $4,500 in inventory and endedthe year with $2,000 in inventory. In addition, during 2015,Creswell received a prepayment of $3,000, which wascorrectly classified as unearned revenue.What was Creswell's gross profit during 2015?

Step 1: Define Gross ProfitGross Profit is the amount of revenue remaining after deducting the cost…

Answered: Creswell Ventures had $85,000 in sales…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.8MCP

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