It is requested that is the cost of ownership and what is the net realizable value of the inventory. What is the final price of its valuation?
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4.
FANIS trades used cars. He bought from the BMW dealership in Germany 50 cars XI 1800cc for 1.750.000€, in total. The cost of transporting the cars from Germany to customs was 25000€. For the customs clearance of the cars, including the customs broker's fee, the amount of € 250,000 was paid to customs. BMW, based on an agreement, made a 5% discount due to quantity but also issued an invoice of € 50,000 for late payment. Five cars were sold for €42000 every 15 days after the balance sheet expired. FANIS gave a €1000 commission to a local dealer to mediate the sale of the cars through his clientele.
It is requested that is the cost of ownership and what is the net realizable value of the inventory. What is the final price of its valuation?
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- Chinook, Inc. purchases components from a Japanese company that requires payment in yen (Y); it sells finished products to a German company that pays in euros. On June 1, Chinook ordered components from the Japanese Company costing Y6,890,000 and sold finished goods to the German company with a selling price of $150,000 to be paid in euros. The June 1 spot rates of U.S. dollars for yen and for euros was: $1 = Y106.0 $1 = E0.84 Required: 1. What is the cost of the Y6,890,000 in dollars? 2. How many euros will Chinook receive from the German company in payment for the finished product? 3. What if the exchange rate of dollars for yen was $1 = Y108? What is the cost of the Y6,890,000 in dollars (rounded to the nearest dollar)?Williams Corporation imports, from a number of German manufacturers, large machining equipment used in the tooling industry. On June 1, the company received delivery of a piece of machinery with a cost of 450,000 euros when the spot rate was 1 euro equals $1.370. Williams had already paid 50,000 euros, when the spot rate was 1 euro equals $1.350, to the German company at the time of placing the order, and the balance of the invoice was due in 60 days after delivery. On June 15, the company became concerned that the dollar would weaken relative to the euro and proceeded to purchase an option to buy euros on July 31 at a strike price of 1 euro equals $1.375. The hedge was designated as a fair value hedge. At the time of purchase, the out-of-the-money option had a value of $1,400 and a value of $2,600 at June 30. Euro spot rates are as follows: 1 euro =June 15 . . . . . . . . . . . . . . . . . . . . . . . . . .…Galicia, a A5 Wagyu supplier, sold 100 40x2 containers of A5 Wagyu to Andalusia who promised to pay once he has sold all the wagyu. Andalusia meantime delivered the goods to Balearic, a warehouseman, who issued a warehouse receipt. Without the knowledge of Galicia and Balearic, Andalusia negotiated the receipt to Basque who acquired it in good faith and for value. Basque then claimed the goods from Balearic, who released them. After the wagyu were loaded on a ship bound for Manila, Galicia invokes his right to stop the goods in transit due to his unpaid lien. Who has a better right to the rice? a. Basque, since he has superior rights as a purchaser for value and in good faith. b. Basque, regardless of whether or not he is a purchaser for value and in good faith. c. Galicia, since as an unpaid seller, he has the right of stoppage in transitu. d. Balearic, since it appears that the warehouse charges have not been paid.
- Jupiter Engine Company has recently negotiated contracts to sell 1 of its X-model engines to a customer in England and 1 of its Z-model engines to a customer in Germany. Jupiter will be paid in 3 months in the currency of its customers. The engine selling prices are: X-model 200,000 British pounds Z-model 265,500 Euros Jupiter’s costs to produce each engine in US dollars: X-model $225,000 Z-model $270,000 Today’s exchange rates: GBpound/US$ 1.20 US$ /Euro 0.90 Calculate Jupiter’s profits from each engine sale, based on today’s exchange rates. (Profit = Price in US dollars - costs in US dollars) Jupiter will not actually be paid for 3 months. If they choose not to hedge themselves against currency fluctuations by locking in today’s rate, they will either make less or more profit based on changes in the exchange rate. Would they prefer to see the US dollar get STRONGER or WEAKER during this period?…Merchant Abdul Rahman imported 1,000 baby strollers from abroad, at a value of 200,000 shekels, in addition to the costs of shipping the goods carried by Merchant Abdul Rahman, at a value of 10,000 shekels. If you know that the rate of customs duties = 10% + 5 shekels for each cart. The purchase tax rate is 20%, and the price increase = 25%. Calculate each of the following: Please show the solution method1-Import price of the goods2-All taxes due on the goods (with full solution to be shownAlmira, Inc. is a U.S.-based manufacturer and wholesaler. On 10/15/20x1, Almira made its first international sale. They sold $450,000 of products to a non-U.S. customer. Almira, Inc. agreed to allow the customer to pay for the purchase in its own currency, the FC. To avoid a penalty, the foreign buyer must make payment to Almira by February 2, 20x2. At the time of the sale, the FC/$ spot rate was FC1.97=$1 Almira, Inc. has a December 31 year-end. At 12/31/20x1, the foreign currency spot rate was FC1.95 = $1. Required: For Almira, Inc., 1. For Almira, Inc.’s foreign customer, explain the type of foreign currency risk the s/he accepts relating to their purchase from Party Pop, including the implications of appreciation or depreciation of their currency relative to Party Pop’s currency, the U.S. dollar
- Vitamin, Inc. is a U.S.-based manufacturer and wholesaler. On 10/15/20x1, Almira made its first international sale. They sold $450,000 of products to a non-U.S. customer. Vitamin, Inc. agreed to allow the customer to pay for the purchase in its own currency, the FC. To avoid a penalty, the foreign buyer must make payment to Vitamin by February 2, 20x2. At the time of the sale, the FC/$ spot rate was FC1.97=$1 Vitamin, Inc. has a December 31 year-end. At 12/31/20x1, the foreign currency spot rate was FC1.95 = $1. Required: Explain how Vitamin, Inc. can use: (a) forward exchange contracts and (b) foreign exchange options their foreign currency risk. In your explanation, discuss the type of: (a) forward exchange contract or (b) foreign currency option contracts, they would obtain to hedge their foreign currency risk. No journal entries are required. For Vitamin, Inc.’s foreign customer, explain the type of foreign currency risk the s/he accepts relating to their purchase from…Vitamin, Inc. is a U.S.-based manufacturer and wholesaler. On 10/15/20x1, Vitamin made its first international sale. They sold $450,000 of products to a non-U.S. customer. Vitamin, Inc. agreed to allow the customer to pay for the purchase in its own currency, the FC. To avoid a penalty, the foreign buyer must make payment to Vitamin by February 2, 20x2. At the time of the sale, the FC/$ spot rate was FC1.97=$1 Vitamin, Inc. has a December 31 year-end. At 12/31/20x1, the foreign currency spot rate was FC1.95 = $1. Required: For Vitamin, Inc., Give the journal entries for the 10/15/20x1 sale. Give the journal entries for the foreign currency sale at 12/31/ 20x1, when the company closes its books and prepares its financial statements. Give the journal entries for the receipt of payment on the sale on 2/2/20x2. At that date, the foreign currency spot rate was FC 2.00 = $1.Banana, Inc. is a U.S.-based manufacturer and wholesaler. On 10/15/20x1, Banana made its first international sale. They sold $450,000 of products to a non-U.S. customer. Banana, Inc. agreed to allow the customer to pay for the purchase in its own currency, the FC. To avoid a penalty, the foreign buyer must make payment to Banana by February 2, 20x2. At the time of the sale, the FC/$ spot rate was FC1.97=$1 Banana, Inc. has a December 31 year-end. At 12/31/20x1, the foreign currency spot rate was FC1.95 = $1. Required: Give the journal entries for the receipt of payment on the sale on 2/2/20x2. At that date, the foreign currency spot rate was FC 2.00 = $1.
- BIC Co. is residing in Spain and exports bottles of wine in its Mexican Market for 225 Mexican Peso each bottle which costs BIC Co. 50 Pounds from wine distillery in United Kingdom. Exchange rates identified are the following for June 10, 2022:· 1 Euro = 15 Mexican Peso = 10 PoundsHow much total gross profit in Euro doesBIC Co. made for June 10, 2022 considering the firm exported 3,000 wine bottles?National Co. is residing in Spain and exports bottles of wine in its Mexican Market for 225 Mexican Peso each bottle which costs National Co. 50 Pounds from wine distillery in United Kingdom. Exchange rates identified are the following for June 10, 2022:· 1 Euro = 15 Mexican Peso = 10 PoundsHow much total gross profit in Euro does National Co. made for June 10, 2022 considering the firm exported 3,000 wine bottles?Charin Corporation, a U.S. corporation, imports and exports small electronics. On December 1, 2014, Charin purchased components from an Egyptian manufacturer amounting to 500,000 Egyptian pounds. The purchase is payable in Egyptian pounds. At December 30, Charin wanted to take advantage of favorable exchange rates but did not have the full amount required to pay off the entire amount. Charin wired the funds to pay off half of the balance owed and expected to pay the remaining balance on January 3, 2015. Charin paid the remaining balance on January 3, 2015. The respective exchange rates were as follows:December 1, 2014 1 pound = $.170December 30, 2014 1 pound = $.165December 31, 2014 1 pound = $.175January 3, 2015 1 pound = $.180 Document the journal entries related to these transactions for the four dates shown. If no entry is required, record "no entry."