Rizio Co. purchases a machine for $14,300, terms 2/10, n/60, FOB shipping point. The seller prepaid the $323 freight charges, adding the amount to the invoice and bringing its total to $14,623. The machine requires special steel mounting and power connections costing $989. Another $466 is paid to assemble the machine and get it into operation. In moving the machine to its steel mounting, $240 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.
Required:
Complete the below table to calculate the cost recorded for this machine.
Amount Included in Cost of Equipment:
Invoice price of machine
Net purchase price
Total cost to be recorded
Answers: 3
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Rizio Co. purchases a machine for $14,300, terms 2/10, n/60, FOB shipping point. The seller prepaid...
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