Neco Model Questions Vol1 2020 Commerce Question 15
Practice objective / multiple choice question 15 from the 2020 Neco Model Questions Vol1 Commerce examination.
An importer plans to purchase 5,000 units of a product from abroad. The supplier's price is US\$12 per unit and the exchange rate is \(₦460\) per US\$. Import duty is 12\% of the CIF (cost, insurance, freight) value, and a surcharge of 3\% is added on the duty amount. The importer also incurs a local handling fee of \(₦8,000\) per shipment. After all costs, the importer wants to set a selling price that yields an 18\% profit margin on the total landed cost per unit. Determine the required selling price per unit in Naira, rounded to the nearest kobo.
Answer Options
About This Question
This is Neco Model Questions Vol1 2020 Commerce Question 15. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.