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Record the amount of cost of sale expense

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Reference no: EM132557192

Question - For accounting purpose in Income statement 2019

Opening stock: $16,088

Purchase: $426,045

Closing stock: ($22,040)

Total Cost of Good Sold: $420,093

However, the unit trust is small business entity and they apply Simplified trading stock rules for tax purpose. The difference between closing stock and opening stock is $5,952

Required - How to record the amount of cost of sale expense in the Trust tax return 2019?

Reference no: EM132557192

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