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Galactic Wholesale Co. purchased inventory from a local manufacturer for $25,000. Galactio marked up the price by 35% and sold the inventory to Cosmic Retailers
Galactic Wholesale Co. purchased inventory from a local manufacturer for $25,000. Galactio marked up the price by 35% and sold the inventory to Cosmic Retailers Inc. Cosmic marked up the inventory by a further 45% and sold the products to its customers. (Pre-GST costs are used to calculate the marked-up prices.) Required: A. Determine how much GST was remitted by Galactic Wholesalers. B. Determine how much GST was remitted by Cosmic Retailers. Round vour intermediate and final answers to nearest
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