Assume that a wholesaler purchased goods from a manufacturer for 34.50 (gross price), the VAT is 15% and the VAT paid by the manufacturer was 4.50. The markup on the merchandise is 10. What is the

Assume that a wholesaler purchased goods from a manufacturer for £34.50 (gross price), the VAT is 15% and the VAT paid by the manufacturer was £4.50. The markup on the merchandise is £10. What is the net amount of VAT paid by the wholesaler to Customs and Excise?

Answer

a.

£1.50

b.

£5

c.

£46

d.

£6

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