As of 30 June 2013, Daniel had adopted the market selling value for 2,000 widgets, being trading stock on hand at that time, of $180 per unit. In order to legally minimise Daniels assessable income for the year ended 30 June 2014, what valuation should be adopted as the taxation value for trading stock of 30 June 2014?

Closing value at 30/06/2014 Cost: $200 Market selling price: $250

Assessable income

Sales: Closing balance-opening balance

1. Cost: 200-180=20

2. Market selling price: 250-180=70