Business, 28.02.2020 01:50 daltonrebekah3440

Rizio Co. purchases a machine for $12,200, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $122 discount. Transportation costs of $276 were paid by Rizio. The machine required mounting and power connections costing $843. Another $398 is paid to assemble the machine and get it into operation. In moving the machine to its steel mounting, $245 in damages occurred. Materials costing $40 are used in adjusting the machine to produce a satisfactory product. The adjustments are normal for this machine and are not the result of the damages.

Complete the below table to calculate the cost recorded for this machine. (Rizio pays for this machine within the cash discount period.)

Amount included in Cost of Equipment

Invoice price of machine
Net Purchase price
Total cost to be recorded

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Rizio Co. purchases a machine for $12,200, terms 1/10, n/60, FOB shipping point. Rizio paid within t...