A fire broke out in the premises of Benny Company. After the fire was put out, the accountant attempted to reconstruct the income statement using the below information and partial income statement for the year ended 31 December 2018. Profit margin ratio is 8.0%. Accounts receivable turnover is 15.0. Inventory turnover is 5.0. Accounts receivables (net) at the start of 2018 and end of 2018 are $15,000 and $16,100 respectively. Inventories at the start of 2018 and end of 2018 are $27,000 and $28,720 respectively. You have to show clearly how you derive the missing information (1) to (6).

Benny Company (Partial) Income Statement For the year ended 31 December 2018 $ (1) (2) (3) Revenue (net sales) Less: Cost of sales Gross profit Less: Expenses Selling, general and administrative expenses Finance costs Profit before income tax Less: Income tax expense Net profit 48,000 6,000 (5) (6) (12 marks)