What was the price inclusive of tax

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Reference no: EM132723250

Problem 1: A shopkeeper sells an article whose listed price is RO 4500 and charges sales tax on it at the prescribed rate of 12% from the consumer. If the shopkeeper pays a VAT of RO 108 to the government, what was the price inclusive of tax at which the shopkeeper bought the article from the wholesaler?

Problem 2: A manufacturer printed the price of his goods as RO 360 per article. He allowed a discount of 30% to the wholesaler who in his turn allowed a discount of 20% on the printed price to the retailer. If the prescribed rate of sales tax on the goods is 10% and the retailer sells it to the consumer at the printed price, then find the VATs paid by the wholesaler and the retailer.

Reference no: EM132723250

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