OUTPUT TAX:

Sales inclusive of VAT (9,880,000x12%)/ 112% 1,058,571

Sale of Services (633,000 x 12%)/ 112% 67,821

Deemed Sale:

Consigned goods within 65 days, exclusive of VAT (3,577,000 x 12%) 429,240

Value of goods in payment of debt, exclusive of VAT (2,148,000X 12%) 257,760

TOTAL 1,813,392

LESS: INPUT TAX

Purchase of raw materials from VAT

Registered Enterprise (5,385,000 x 12%) /112% 576, 964

Importation of Raw Materials, exclusive of VAT (2,165,000x 12%) 259,800

Purchase of Equipment (1,455,00 x 12%) /112% 155,893

Purchase of Supplies, exclusive of VAT (825,000 x 12%) 99,000

Purchase of Services, exclusive of VAT (1,530,000x 12%) 183,600

Utilities, inclusive of VAT (450,000 x 12%) /112% 48,214

Paid VAT to Bureau of Customs 150,000

TOTAL (1,473,471)

VAT PAYABLE 339,921