a.

O-VAT (5,000,000*12%) 600,000

Less:
Withheld VAT (5,000,000* 5%) 250,000
Standard I-VAT (5,000,000*7%) 350,000
VAT due and payable -

b. Inventory 3,000,000
I-VAT 360,000
Cash 3,360,000
To record the purchase of inventory

Cash (5.6M-250k) 5,350,000

Withheld Final VAT 250,000
Sales 5,000,000
O-VAT 600,000
To record the sales to the GOCC and withholding VAT

Cost of sales 3,000,000

Inventory 3,000,000
To record the cost of export sale

O-VAT 600,000
Cost of sales 10,000
I-VAT 360,000
Withheld VAT 250,000
To close the O-VAT and withheld VAT