October 2022 — Question 35
Please refer to the snippet of a CBP Form 7501 above. A shipment of powdered milk departed the Port of Auckland, New Zealand on June 1, 2022, bound for the United States on an ocean vessel. The ship arrived and was unladen on July 1, 2022, at the Port of Oakland, California. Entry was filed the same day and the cargo was released July 1, 2022. The invoice price for the powered milk is 98,532.84 NZD. It is appropriate to use the foreign currency daily exchange rate for calculations in submitting the entry / entry summary. Research shows that the daily exchange rate from New Zealand dollars to US dollars was 0.6471 on June 1, 2022. The daily exchange rate from New Zealand dollars to US dollars was 0.6187 on July 1, 2022. The invoice indicates that the shipment consists of 14,000 kilograms (Kg). The powdered milk is classified under 0402.91.7000 / 31.3¢ / Kg. Based upon the facts, what is the total entered value to be recorded in Block 35?
- A$60,962.00
- B$63,761.00✓ CBP's answer
- C$65,645.00
- D$68,444.00
- E$98,533.00 Category VIII – Entry / Entry Summary
CBP's cited authority
Answer and citations as published in CBP's official answer key for the October 2022 examination.
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