Appliances Company is a retailer of refrigerator. It has an outstanding bank loan liability with the bank amounting to P900,000. During the current month, Appliances Company sold worth P250,000 refrigerator outside the Philippines and worth P500,000 refrigerator in Manila. It also settled its account with the bank by giving a refrigerator with acquisition cost of P700,000. How much output VAT shall be computed in this transaction if sales are inclusive of VAT? SAMPE ANSWER: 100,000