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
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