On September 4, 2002, Wrap-it-Up Inc. orders 10,000 rolls of designer paper from Positano Papers of Italy at a cost of 25,000 Euros. The terms of sale are FOB Rome. This amount includes a 1000 Euros license fee that Wrap-it-Up is required to pay for the special designs as a condition of sale. The paper is exported by ship from Italy on October 1, 2002. The ship docks in France to pick up additional cargo, leaving France on October, 5, 2002. The ship arrives in New York on November 1, 2002 and the paper is transported in bond to Detroit. It arrives in Detroit on November 5, 2002, and entry is made on November 7, 2002. The exchange rate for Euros to U.S. dollars is as follows: 9/4/02 -0.98 10/1/02 – .99 10/5/02 – .97 11/1/02 – .96 11/7/02 – 1.01 Which ONE of the following is the correct appraised value?
A) 25740
B) 23760
C) 24750
D) 24250
E) 24000
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The Answer is: C
Citation: 19 CFR 152.1; 152.103;159.32
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