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23) Galactic Wholesalers Co. purchased inventory from a local manufacturer for $25,000. Galactic marked up the price by 35% and sold the inventory to Cosmic
23) Galactic Wholesalers Co. purchased inventory from a local manufacturer for $25,000. Galactic marked up the price by 35% and sold the inventory to Cosmic Retailers Inc. Cosmic marked up the inventory by a further 45% and sold the products to its customers. (Pre-GST costs are used to calculate the marked-up prices.) Required: A. Determine how much GST was remitted by Galactic Wholesalers. B. Determine how much GST was remitted by Cosmic Retailers. Round your intermediate and final answers to nearest whole dollar
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