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Rizio Company purchases a machine for $11,700, terms 1/10,n/60 , FOB shipping point. Rizio paid within the discount period and took the $ 117 discount.
Rizio Company purchases a machine for $11,700, terms 1/10,n/60 , FOB shipping point.
Rizio paid within the discount period and took the $ 117 discount.
Transportation costs of $264 were paid by Rizio.
The machine required mounting and power connections costing $ 809
Another $ 381 is paid to assemble the machine, and $40 of materials are used to get it into operation.
During installation, the machine was damaged and $360 worth of repairs were made.
Requirements:
Determine the total cost of the machine that Rizio should record as an asset.
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