TOPIC 16 – PRO-RATA COMPUTATION (QUIZ)

Problem A: A shipment of dangerous cargo from China arrived at Port of Cebu. The covering invoice shows the following:

FOB ROD

Item 1 - $12,000.00 7%

Item 2 - $3,000.00 3%

Item 3 - $5,000.00 1%

Total FOB - $20,000.00

The bill of lading shows total freight charges of $3,000.00. The shipment was assessed with total dutiable value of P1,154,300.00 whereas the total miscellaneous expense was P12,000.00. How much is the freight charges for item 1?

• $1,800.00

• $450.00

• $750.00

• $1,000.00

Based on the previous problem A, how much is the insurance for item 2?

• $480.00

• $120.00

• $200.00

• $60.00

Based on the previous problem A, how much is the dutiable value for item 3?

• P692,580.00

• P173,145.00

• P288,575.00

• P384,766.67

Based on the previous problem A, how much is the value-added tax for item 1?

• P35,335.29

• P21,616.72

• P47,612.00

• P89,791.27

Based on the previous problem A, how much is the brokerage fee for item 2?

• P973.93

• P3,895.73

• P1,623.22

• P5,266.43

Problem B: A shipment of general cargo from Japan arrived at South Harbor. The covering invoice shows the following:

 

CFR                                ROD

Item 1              -        $4,000.00                      15%

Item 2              -        $6,000.00                      20%

Item 3              -        $5,000.00                      5%

Total CFR         -        $15,000.00

 

The shipment shows freight charges of $480.00 for item 1. The dutiable value for item 2 was P320,544.00. The miscellaneous expense for item 3 was P3,400.00. How much is the dutiable value for item 1?

• P267,120.00

• P213,696.00

• P85,478.40

• P128,217.60

   

Based on the previous problem B, how much is the customs duty for item 3?

• P32,054.40

• P64,108.80

• P13,356.00

• P5,342.40

Based on the previous problem B, how much is the value-added tax for item 2?

• P46,566.34

• P29,816.45

• P34,065.12

• P46,647.94

Problem C: A shipment of general cargo and dangerous cargo arrived at MICP. The covering invoice shows the following:

 

CIF                                 ROD

Item 1 (General)                -        $7,490.00                      10%

Item 2 (General)                -        $3,210.00                      15%

Item 3 (Dangerous)            -        $4,860.00                      30%

Total CIF                             -        $15,560.00

 

The invoice shows total freight charges of $500.00 for item 1 and item 2 whereas the freight charges for item 3 was $700.00. How much is the FOB value for item 1? Use rate of exchange P43.50/$1.00.

• $7,000.00

• $6,852.94

• $7,107.18

• $7,140.00

Based on the previous problem C, how much is the customs duty for item 3?

• P32,581.50

• P63,423.00

• P20,945.25

• P75,094.92