Taxpayer conducts a retail business and performed a stocktake on 30 June 2021.

$250,000 - stock on hand (weighted average cost)
$240,000 - stock on hand (FIFO)
$270,000 - stock on hand (replacement value)
$440,000 - stock on hand (market selling value)
The taxpayer chose the FIFO method to value the stock on hand at year end.

What is the stock on hand opening value that will minimise the taxpayer's taxable income for the 2021 income year?

Answer rating: 100% (QA)

The taxpayer chose the FIFO method to value the stock on hand a... View the full answer