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Background of example

  • BigIdeas Pty Ltd is an Australian company selling imported goods purchased from China

  • Purchases from Chinese suppliers are contracted in $USD

  • There are 2 suppliers Woo Sun & Woo Dragon

  • An identical set of products is purchased from each supplier - jeans, tshirts and shoes

  • A shipping agent Golden Sun Shipping (with Australian Business) packs all Chinese orders into a container and ships every month to Australia (Amounts are invoice in $AUD)

  • Each order delivered is assessed for GST

  • Freight, Insurance, storage and quarantine fees are payable on each shipment and are apportioned on a cubic volume basis to stock

  • FX Rates are:

    MonthUSD Rate
    September0.812
    October0.784
    November0.756
Process

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