Homework Answers
Inventory = $500
Revenue = $10,000
Gross Profit Percentage = 45% of Revenue = 45% of $10,000 = $4,500
Gross Profit = Revenue + Closing Inventory - Purchases
Purchases = Revenue + Closing Inventory - Gross Profit
= $10,000 + $500 - $4,500 = $6,000
General and administrative expenses are not directly related to manufacturing, hence it is not shown in trading account, it is shown in profit and loss account.
Purchases amount for 2015 is $6,000
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