VAT TAX RATE 12%

Matibay Na Mura Pa, Inc. a VAT registered domestic corporation is engaged in the production of Personnel Protective Equipment ( PPE). It did not apply for effective zero rating registration. Records show the following:

Previous Quarter Excess Input VATP 500,000

April 2020

PPEscash sale to San Miguel Corp, a domestic corporationP 5,000,000

Sales on account to Yakult, a resident foreign company$80,000

Exchange rate:$1=P52

Importation from China of raw materials for PPE production$10,000

Purchases on account from VAT domestic suppliersP 500,000

Purchases, cash invoice VAT inclusiveP 100,000

Purchases from non-VAT suppliersP 200,000

Required:

1.Total sales inclusive of VAT

2. Total sales exclusive of VAT

3. Total purchases inclusive of VAT

4. Total purchases exclusive of VAT

5. Output tax

6.Input tax

7. VAT payable/ excess input VAT