Serbesa Company is a manufacturer of local beer. During a particular quarter, it had the followingtransactions (net of VAT):Jan. 2: Consigned beer to a retailer in Quezon City amounting to...

Serbesa Company is a manufacturer of local beer. During a particular quarter, it had the following transactions (net of VAT): Jan. 2: Consigned beer to a retailer in Quezon City amounting to P200,000 Feb. 14: Exported P1,000,000 worth of beer to UK. Feb. 27: President of Serbesa Company celebrated his birthday, consuming P50,000 worth of beer given to him by the company as a birthday gift. Mar. 20: Declared property dividend of one case of beer for every 10 shares amounting to P150.000 Additional Information: From January to March, domestic sales to wholesalers amounted to P600,000. No beer was returned by the consignee until the end of the quarter. The output tax for the quarter iS: P48,000 P72,000 P120,000 P192,000