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Calculate the cash balance in Birr

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Question - ABC production engaged in export and import products. The enterprise has at its bank account birr 180,000.00 at the beginning of the month. The enterprise received at its bank account from its customers USD 30,000.00 and EURO 38,000.00.The enterprise imported products at invoice cost USD 30,000.00. The cost of insurance, transport and custom are birr 15,000.00, 40,000.00 and 50,000.00 respectively.

The exchange rate is given in the table bellow

Buying Selling

EURO 26 27

USD 24 25

Assume that when there is fund transferred in the company's account the buying and for purpose of imported selling rate is applied.

Required -

1. Calculate the total cost of production assuming that the enterprise charged 2% of invoice value bank service.

2. Calculate the total amount of fund transferred to the enterprise in Birr amount.

3. Calculate the cash balance in Birr available at the company bank account assuming that there is no withdrawal except payment for purchase during the month.

Reference no: EM132573036

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