7. Assuming that New Urban Appliance Corporation has the following data for the first

quarter of 2021:

Sales, total invoice value P448,000

Purchases, total invoice value 224,000

How much is the VAT payable of New Urban Appliance Corporation for the first quarter

of 2021?

8. A, a VAT taxpayer billed his customer:

Selling Price P500,000

Value Added Tax 70,000

Total P570,000

The output tax is