The height of a pallet is such that a pallet truck or forklift truck can put their blades underneath and lift the pallet. From memory it could be between 6" to 9" high measuring from the ground.
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40inch = 3.33 foot 48 inch = 4 foot so 4 x 4 x 3.33 = 53.328 or 53 and a third cubic feet - as you have three measurements it needs to be in cubic feet either that or the pallet square footage is based only on 40 x 48 3.33 x 4 = 13.32 square feet
To calculate the board feet of lumber in a pallet, you first need to determine the thickness of the boards used. Assuming standard 1-inch thick boards, a 40 x 48 pallet would contain 160 board feet of lumber (40 ft x 48 ft = 1920 sq ft, divided by 12 to convert to board feet). If the boards are thicker or thinner, you would adjust the calculation accordingly based on the actual thickness of the lumber used.
Volume = 40" * 48" * 48" = 40/12 ft * 4 ft * 4 ft = 10/3 ft * 4 ft * 4 ft = 160/3 cubic ft = 53.33... cu ft
48 + 40% = 48 x (1 + (40/100)) = 48 x 1.4 = 67.2