Furniture "R" Us (Furniture) Inc., located in Sudbury, Ontario, sells office furniture to local businesses in Ontario. Furniture's sales have never been more than $400,000 annually. Furniture has chosen to file its HST returns on a quarterly basis. The following information relates to the first quarter (January to March 2022):

Excluding HST

Sales

$77,000

Cost of Goods Sold

27,650

Actual Inventory purchases in the quarter

34,800

Salaries

15,000

Interest on loan

900

Capital expenditure

11,250

Required:

a) Determine the HST owing (or refundable) for the first quarter of 2022, using the QUICK method. As this is an Ontario province the appropriate % is 4.4% (for resale type companies).

b) Determine the HSTowing (or refundable) for the first quarter of 2022, using the REGULAR method.