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Rizio Co. purchases a machine for $12.200, terms 1/10, 1/60, FOB shipping point. Rizio paid within the discount period and took the $122 discount. Transportation
Rizio Co. purchases a machine for $12.200, terms 1/10, 1/60, 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 $40 of materials are used to get it into operation. During installation, the machine was damaged and $210 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 Net purchase price 0 Total cost to be recorded $ 0
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