4. Based on number 3, what is the VAT payable?ANSWER NO. 4 ONLY! 3. SAN JOSE is a producer of cooking oil. The company become VAT registered t thestart of 2018. Previously, the company is subject to OPT. The following data are as follows:Inventory beginning: Packaging materials bought from VAT registered is P 17,920 (VATexc)Coconut / corn purchased from farmers is P 20,000Data for first quarter is as follows:Sales, vat inc is P 196,000Purchases of coconut and corn from farmers is P 40,000, net of any taxPurchase of packaging materials , VAT exc is P 25,000Purchases of supplies, VAT inc is P 10,080What is the presumptive input tax?

VAT Payable = Output VAT - Presumptive Input VAT The rates of VAT are as follows Presumptive input…

Answered: Based on number 3, what is the VAT…

Business

Accounting

Based on number 3, what is the VAT payable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following are information related to April 2020 transaction of Magnolia company, manufacturer of ready-to-drink juice. The balances available on April 1, 2020 are the following: Raw Material Inventory: 1,000,000 and Work-in-process inventory: 2,000,000. Magnolia company uses calendar year as its accounting period. The following are data collected by the accountant for the quarter ended June 2020: a. It is magnolia’s policy to purchase raw materials amounting to half of the beginning raw materials inventory. b. The cost of goods manufacture based on the Magnolia’s cost sheets amounts to 1,125,000 c. Magnolia sold 20,000 bottles of ready-to-drink juice at a price of 150 each. d. The gross profit earned by the company from the second quarter sales is 575,000. e. The total conversion cost is 425,000. f. Upon physical count of the warehouse staffs with the supervision of the accountant, the following were obtained: Work-in-process inventory: 1,500,000 and Finished Goods inventory:…
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