PHILIPPINE TAXATION (TRAIN LAW)

ABC Corporation is a manufacturer of cooking oil made of corn since 2000. However, for 2020 taxable year, it started its operation as vat registered (from being VAT exempt). The following were the transactions during the first quarter taken from its books and records: Beginning inventory supplies from vat P10,000; Beginning inventory supplies from non-vat P60,000; Beg inventory corn P25,000 July August September Sales 780,000 640,000 720,000 Purchase (corn) 125,000 160,000 210,000 Supplies 150,000 175,000 170,000 Equipment ( 2 units, useful life 10 years) 800,000 Machinery (3 units, useful life 4 year) 450,000 Compute for the vat payable on July