MARK UP & VAT (30)

2.1 Complete the table below by calculating the missing amounts. Assume Vat levied at 15%. (20)

Cost price	% mark-up	Selling price	VAT (15%)	Marked price
R5 000	20% on cost	?	900	?
?	30% on selling price	R15 000	?	?
?	25% on cost	?	?	R10687,50
?	40% on cost	4 200	?	?
R100	100% on cost	?	?	?
R48	40% on selling price	?	?	?
R70 000	10% on cost	?	?	?

2.2 You are the accountant of Crazy Jewelers, and the following information is provided to you:

1. Inventory is sold at a Markup on sales price of 60%.
2. The cost price of jewelry sold amounted to R400 000 before VAT.
3. VAT is stated at 14%.

Requirements:

Complete the table on the provided template. (10)

	Excl. VAT (100%)	VAT 14%	Incl. VAT (114%)
Cost 40	400 000
Markup 60
Sales 100