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00 Rizio Co purchases a machine for $12.800, terms 110, 1/60, FOB shipping point. Rizio paid within the discount period and took the $128 discount.
00 Rizio Co purchases a machine for $12.800, terms 110, 1/60, FOB shipping point. Rizio paid within the discount period and took the $128 discount. Transportation costs of $289 were paid by Rizio. The machine required mounting and power connections costing $885 Another $417 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $255 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine Amount included in Cost of Equipment Invoice price of machine Loss Discount Net purchase price Transportation Mounting and power connections Assembly Materials used in disting 128 (120) Total cost to be recorded $ (128)
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