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Question 4 Chen's business turnover in the current year is $400,000. His opening stock is valued at $58,000 and closing stock valued at $55,000. He
Question 4 Chen's business turnover in the current year is $400,000. His opening stock is valued at $58,000 and closing stock valued at $55,000. He made purchases of $350,000. Calculate Chen's gross profit for the business assuming Chen has made all the required elections as a small business entity to minimize his taxable income. Please complete the blank with just the figure without any dollar signs. Gross Profit = [A]
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