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Dunkin is a trader who sells imported and locally manufactured goods. In May 2018, he had the following transactions: May 4 Importation of goods for
Dunkin is a trader who sells imported and locally manufactured goods. In May 2018, he had the following transactions:
May 4 Importation of goods for sale, with a landed cost of P600,000
May 5 Local purchases of goods for sale, VAT excluded P500,000
May 20 Sale, VAT not included 1,200,000
May 31 Payment on expenses of the month, all to VAT 80,000
Taxpayer, VAT included
The company uses the perpetual inventory method of accounting for inventory.
On May 31, how much is the input taxes balance?
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