Exclusive Gifts (Pty) Ltd (Exclusive Gifts) is a South African retailer. It imports trading stock from suppliers in London. This trading stock is then sold in South Africa. Exclusive Gifts has a 31 March financial year-end. Exclusive Gifts ordered trading stock from a supplier in London. The cost price of the trading stock was 16 650 (inclusive of shipping costs of 1 650). The trading stock was shipped free-on-board on 12 January 2022. It arrived in South Africa on 23 January 2022. In terms of an agreement with the supplier, the account had to be settled in full on 10 April 2022. All the trading stock was stillon hand on 31 March 2022. To hedge itself against currency fluctuations, Exclusive Gifts entered into a forward exchange contract (FEC) with a bank. In terms of this FEC, Exclusive Gifts agreed to purchase 16 650 from the bank on 10 April 2022 at a forward rate of 1:R19,30. (On 31 March 2022, the market-related forward rate for a similar FEC for the remainderof the period was 1:R19,37.) The relevant rates of exchange are as follows:

YOU ARE REQUIRED TO calculate the effect of the above transactions on Exclusive Gifts' taxable income for its year of assessment ending 31 March 2022. Round off to the nearest rand. Ignore VAT