TT Traders CC manufactured inventories at a cost of R7 000 (VAT included). The inventories were sold for R10 000 (VAT included). If all inventory sales qualify as standard-rated supplies, determine the net

VAT due to/ (refundable by) SARS. (5 marks)

TT Traders CC manufactured inventories at a cost of R7 000 (VAT included). The inventories were sold for R10 000 (VAT included). If all inventory sales qualify as zero-rated supplies determine the net VAT due to/ (refundable by) SARS. (5 marks)

TT Traders CC manufactured inventories at a cost of R7 000 (VAT included). The inventories were sold for R10 000. If all inventory sales are exempt supplies for VAT purposes, determine the net VAT due to/

(refundable by) SARS.