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Chilli Pepa operates a fishing supplies store. During the 2023 income year, Chilli recorded the following trading stock balances (excluding GST): Trading stock at 30

Chilli Pepa operates a fishing supplies store. During the 2023 income year, Chilli recorded the following trading stock balances (excluding GST): Trading stock at 30 June 2022 $37,000 (at cost) Trading stock at 30 June 2023 $22,000 (at cost); $24,000 (at replacement value) What is the correct treatment to account for Chilli's change in trading stock level?

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