Flatpack Furniture Limited (FFL) imports furniture and distributes it to retail stores around New Zealand. Sian owns 100% of the shares in FFL. The following information relates to FFL's trading stock for the year ended 31 March 2022:

Item	Amount $
Opening stock on hand	180,000
Closing stock on hand	121,000
Total purchases during the year	860,000
Wages and other deductible expenses	150,300

These amounts are exclusive of GST.

Included in the $860,000 spent on purchases is $30,000 spent on day beds that FFL paid for in the 2022 income year, but which were delivered on 14 April 2022.

Sales of trading stock for the 2022 income year total $1,850,000.

Also included in the $860,000 spent on purchases is the amount spent on a number of ottomans that FFL purchased from Ottoman Empire Limited (OEL), which had excess supply. The market value of the ottomans was $6,800, but as OEL is owned by Sian's friend, FFL paid only $5,100. All the stock was sold by year end.

What is FFL's taxable income/(loss)?