32 Use the following information to calculate figures in the table below. Manufacturer: $ 60 net selling price. Marks up (Wholesaler: $ 20, Retailer: $ 40) Applicable VAT: 30% Calculation Net cost of sales Mark up Manufacturer Wholesaler Retailer Customer Net VAT paid by retailer is: Net selling price VAT chargeable (3096) Gross selling price Accounting for VAT Due to Customs and Excise Recoverable from Customs and Excise (subtract) Net VAT Paid by $60 $80 $120