Damien Cayuca, a resident taxpayer operates a mixed business. Damien lives with his wife and children aged17,15,11 and 3. During the 2021/22 tax year, Damien had the following transactions:

Sales 854900

Purchases ofTrading Stock 432600

Stock1 July 2021 71200

Stock 30 June 2022 (cost) 83900

Otherdeductions 131400

• Damienchoosestousethe Commissioner's prescribedratesforstocktaken for his ownuse.
• IncludedinDamien'spurchases is$40,000paidinadvance forstock thatwillnotbedelivereduntilJuly2O22.

Included in Damien's closing stockis $3,000 of perishablegoods that are nowoutof date and not saleable.

Usingthe above data, calculate Damien's taxable income for the

2021/22taxyear.