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An importer wishes to withdraw its importation from the Bureau of Customs. The imported goods are subject to a 10% ad valorem custom duty. Details of the importation follow: Invoice cost of importation in pesos P 1,000,000 Cost of containers and packing 100,000 Cost of freight and insurance up to Philippine port 250,000 Expenses incurred within the customs premises prior to actual withdrawal 150,000 The customs duty on the imported goods is

An importer wishes to withdraw its importation from the Bureau of Customs. The imported goods are subject to a 10% ad valorem custom duty. Details of the importation follow: Invoice cost of importation in pesos P 1,000,000 Cost of containers and packing 100,000 Cost of freight and insurance up to Philippine port 250,000 Expenses incurred within the customs premises prior to actual withdrawal 150,000 The customs duty on the imported goods is

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A. P100,000
B. P135,000
C. P150,000
D. P0
An importer wishes to withdraw its importation from the Bureau of Customs. The imported goods are subject to a 10% ad valorem custom duty. Details of the importation follow: Invoice cost of importation in pesos P 1,000,000 Cost of containers and packing 100,000 Cost of freight and insurance up to Philippine port 250,000 Expenses incurred within the customs premises prior to actual withdrawal 150,000 The customs duty on the imported goods is
Transcribed Image Text:An importer wishes to withdraw its importation from the Bureau of Customs. The imported goods are subject to a 10% ad valorem custom duty. Details of the importation follow: Invoice cost of importation in pesos P 1,000,000 Cost of containers and packing 100,000 Cost of freight and insurance up to Philippine port 250,000 Expenses incurred within the customs premises prior to actual withdrawal 150,000 The customs duty on the imported goods is
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