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Discuss various Constituents/Components of an Accounting Information System?
ABC Enterprises presents before you following data regarding the purchase of some inventory from abroad;
Purchase Price Rs. 1,500,000
Import Duty 25% of purchase price
Refundable Taxes 1/5 of purchase price
Non-refundable Taxes 2 times of Refundable Taxes
Transport-in Rs. 40,000
Transport-out of Transport-in
Handling Charges Rs. 10,000
Other Direct Expenses 50% of Transport-out
Other Indirect Expenses 10% of Refundable Taxes
Required: You are required to calculate the Cost of Inventory purchased?
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