Question 4 Chen's business turnover in the current year is $400,000. His opening stock is valued at $56,000 and closing stock valued at $60,000 based on market selling value and $59,000 based on cost using the FIFO method. He made purchases of $350,000. Calculate Chen's gross profit for the business assuming Chen has made all the required elections as a small business entity (SBE) to minimize his taxable income. Please complete the blank with just the figure without any dollar signs. Gross Profit =

Question 4 Chen's business turnover in the current year is $400,000. His opening stock is valued at $56,000 and closing stock valued at $60,000 based on market selling value and $59,000 based on cost using the FIFO method. He made purchases of $350,000. Calculate Chen's gross profit for the business assuming Chen has made all the required elections as a small business entity (SBE) to minimize his taxable income. Please complete the blank with just the figure without any dollar signs. Gross Profit =

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 31P

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