ABC Steel purchased carbon steel bars from a manufacturer in Ontario, Canada. ABC Steel paid $19,000, ex-factory, in Canadian dollars. The steel bars arrived at the Detroit Port of Entry via semi-tractor trailer on 5/6/2015, and the shipment was released the same day. The applicable currency exchange rate is .793021. The invoice price does not include duty at 2.9%, merchandising processing fee at .3464%, or freight charges of $1,628. What is the entered value of this shipment?
a) 17372
b) 19000
c) 15067
d) 13017
e) 18403
[bg_collapse view=”button-green” color=”#4a4949″ icon=”arrow” expand_text=”Show Answer and Citation” collapse_text=”Hide Answer and Citation” ]
The Answer is: C
Citation: The invoice price of $19,000 converted to U.S. dollars, using the
exchange rate of .793021 equals $15067.40 for an entered value of
$15067.
[/bg_collapse]