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Usimov [2.4K]
1 year ago
6

Wallis company produces circuit boards in a foreign country that imposes a 15 percent vat. This year, wallis manufactured 8. 3 m

illion boards at a $5 material cost per unit. Wallis’s labor and overhead added $1 to the cost per unit. Wallis sold the boards to various customers for $7. 50 per unit for a net profit of $1. 50 per unit
Business
1 answer:
sdas [7]1 year ago
8 0

Wallis company owes a VAT of $9,337,500

The given question is about finding out VAT.

Wallis Company had manufactured 8. 3 million boards.

Therefore,

The quantity sold = 8.3 million = 8,300,000

The labor and overhead added $1 to the cost per unit. Whereas the net profit is $7. 50 per unit for a net profit of $1. 50 per unit.

Total Sales Value= Sales Quantity x Selling price per unit

= 8,300,000 x 7.50

= 62,250,000

Finding out the amount of VAT ( Being the Vat% imposed as 15%)

VAT amount = Sales value x VAT Rate

= 62,250,000 x 15%

= 62,250,000 x 15/100

= 62,2500 x 15

= 9,337,500

Wallis company owes a VAT of $9,337,500

Read more about VAT on:

brainly.com/question/28295269

#SPJ4

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