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(b) A material was imported by air at CIF price of 5,000 US$. Freight paid was 1,500 US$ and insurance cost was 500 US$.
(b) A material was imported by air at CIF price of 5,000 US$. Freight paid was 1,500 US$ and insurance cost was 500 US$. The banker realized the payment from importer at the exchange rate of Rs. 71 per dollar. Central Board of Indirect taxes and Customs notified the exchange rate as Rs. 70 per US$. Find the value of the material for the purpose of levying customs duty.
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Accounting Information Systems
Authors: George H. Bodnar, William S. Hopwood
11th Edition
0132871939, 978-0132871938
