1. A Canadian manufacturer imports 2,000 units of product worth USD$262.25 each from an American supplier. These imports are subject to GST on the equivalent Canadian value of the product. All of the product is then sold for CAD$419.50 each to another Canadian distributor. The sale is subject to GST. Assume an exchange rate of USD$0.9345 per CAD. If the company needs to submit a GST remittance on this transaction, what amount is remitted or refunded?

Answer rating: 100% (QA)

Canadian GST Remittance Calculation Step 1 Calculate Cost of Goods Sold CAD Convert USD cost per uni... View the full answer