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The following information and data (net of VAT) are from the records of Fantastic 4 Corporation, a VAT taxpayer in connection with its construction contracts. They cover the third quarter of 2018 taxable year.

Accounts Receivable:
July 1- 180,000; Sept. 30- 120,000

Retention Receivable:
July 1- 90,000; Sept. 30- 85,000

Purchases of Materials:
July to Sept. - 480,000

Total Billings for completed works:
July to Sept. 850,000

VAT payable for the quarter is (disregard monthly payments)