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What the output tax for the quarter is

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Reference no: EM132755337

Shok Tong Co. is a manufacturer of beer. During a particular quarter, it had the following transactions (net of VAT):

January 4, 2019: Consigned beer to a retailer in Quezon City amounting to P200,000
February 14, 2019: Exported P1,000,000 worth of beer to Japan
February 27, 2019: President of San-Mor Trading celebrated his birthday, consuming P50,000 worth of beer given to him by the company as a birthday gift
March 20, 2019: Declared property dividend of one case of beer for every 10 shares, amounting to P150,000

Additional information: From January to March, domestic sales to wholesalers amounted to P600,000. No beer was returned by the consignee until the end of the quarter.

Problem 1: The output tax for the quarter is:

Reference no: EM132755337

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