Fred has a business of selling computers taking orders online and customers click and collect during Covid 19 in Sydney. Most customers pay at the time of delivery. His sales for the year ending 30th June 2021 were $3,500,000 During the year ended 30th June 2021 purchases of computers were $1,500,000 and at 30th June 2021 stock on hand was $400,000. Lenny's closing stock for the year ended 30th June 2021 was $300,000 Explain the rules applicable to trading stock and calculate the income he should declare in relation to the facts as stated above for the year ending 30th June 2021 A B I 3 5 U S Xxx > E 2 1