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3 Use the following information to calculate figures in the table below. Manufacturer: $80 net selling price Retailer $20 mark up. Calculation Net cost of

3 Use the following information to calculate figures in the table below. Manufacturer: $80 net selling price Retailer $20 mark up. Calculation Net cost of sales Mark up Net selling price VAT chargeable (5%) Gross selling price Accounting for VAT Due to Customs and Excise Recoverable from Customs and Excise Net VAT Wholesaler VAT $20 mark up 5% Manufacturer Wholesaler Retailer Customer $20 320 580

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