FOB and INCO Terms Calculate the cost based on the INCO Terms Quick Reference Chart) CIF (Cost, Insurance & Freight) Questions: 1) Which costs are the Seller's responsibility? 2) Which costs are the Buyer's responsibility? 3) For each Buyer's cost, identify which account it will be in on either the Balance Sheet or the incomes Statement Payment to Trucking Company in US is at destination in Chicago Element Cost Responsibility Seller Buyer Income Balance Statemen Sheet X X X X X X X Cost of Product Export Packing Inland Freight to Singapore Port Loading on Vessel Ocean Frt Days to LA Cargo Insurance Port Charges 4 Distance LA-CHI 5 Transp rate/mile 5 Days LA to CHI Customs Fee Inventory CC % $1,500.00 $75.00 $60.00 $55.00 $2,200.00 26 $125.00 $110.00 2034 $1.50 3 0.025 0.20 X X X X X X X