Neco 2021 Commerce Question 32
Practice objective / multiple choice question 32 from the 2021 Neco Commerce examination.
An importer wants to bring 5,000 kg of cocoa beans into Nigeria. The world market price is US$2.20 per kg and the exchange rate is \(\,\text{₦}460\) per US$. Freight charges are \(\,\text{₦}150,000\) and insurance is charged at 0.8% of the sum of the cost and freight (CIF). An import duty of 12% is levied on the CIF value and a handling fee of \(\,\text{₦}45,000\) is incurred. After all costs the importer wishes to earn an 18% profit on the total landed cost. What should be the selling price per kg in Naira (rounded to two decimal places)?
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About This Question
This is Neco 2021 Commerce Question 32. It is one of the objective questions from the 2021 Neco Commerce examination.
Difficulty level: Medium .
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