Question 13 (20 marks) Trading stocks Brightlights Pty mited commenced operation as a manufacturer of lights on 1 July 2018. The company has made 100.standard lights during the ended June 2010 The company has incurred the following costs during the year ending 30 June 2019: Income and outgoing Sales - 37000 $10 per un Amounts $970 000 Raw material purchased Raw materials consumed Direct labour Factory overheads Storage costs Sales expenses Administration expenses 200 000 180 000 210000 - 110 000 120 000 125 000 150 000 Required Calculate the value of closing stock using the cost price method for the year ending 30 June 2019. 10 Marks Estimate taxable income of the company for the year ending 30 June 2019 showing in detail what is to be included in assessable income and in allowable deduction as per the requirements of current Australian Income Tax Law. 15 Marks Assume there is a down turn in consumer demand resulting in a market price of company's standard lichts below its cost price, market selling value or replacement price, explain how the company might value its closing stock as at 30 June 2019 and what action it must take 15 Marks Answers LAW300 Taution law Semester 1 YEAR 2019 Suplementary tation