Question: 3 points Save Answer A retailer buys an article from the wholesaler at $80 and the wholesaler charges a VAT at the prescribed rate

3 points Save Answer A retailer buys an article from the wholesaler

3 points Save Answer A retailer buys an article from the wholesaler at $80 and the wholesaler charges a VAT at the prescribed rate of 5%. The retailer fixes the price at $ 100 and charges VAT at the same rate. Apply value added tax system Calculation to answer the following questions. (i) What is the price that a consumer has to pay to buy the article? (ii) Find the input tax and output tax for the retailer. (iii) How much VAT does the retailer pay to the government?

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