Problem II- The same taxpayer in May, has the following selected transactions:

Sales made to VAT registered business (totals per invoice) - P 451,040

Sales made to Non VAT registered business (totals per invoice) - 226,880

Transfer to creditors after missing their first payment - 100,800

Sales made to VAT exempt persons - 120,000

Charge Sales, 2/15, n/30 - 210,000

Charge Sales (trade discount of 2%) - 145,600

Charge Sales - 210,000

Purchases from Non VAT registered persons, were issued VAT reg invoice - 280,000

Purchase of services from Mr. M, per OR - 140,000

Purchases from Mr. N, gross selling price (net of trade discount of 2%) - 168,000

Purchases from Mr. X, per invoice price (gross of cash discount of 2%) - 168,000

Purchases from Mr. O - 250,000

Goods imported for personal consumption - 112,000

Goods imported for resale, per import declaration - 224,000

Required: Compute for the VAT payable (EIT) for the month of May, 2021.