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The following data relate to a firms purchase of a machine used in the manufacture of its product: Invoice price $24,000 Applicable sales tax 1,600
The following data relate to a firms purchase of a machine used in the manufacture of its product:
Invoice price | $24,000 |
Applicable sales tax | 1,600 |
Cash discount taken for prompt payment | 800 |
Freight paid | 660 |
Cost of insurance coverage on machine while in transit | 525 |
Installation costs | 1,400 |
Testing and adjusting costs | 875 |
Repair of damages to machine caused by the firm's employees | 950 |
Prepaid maintenance contract for first year of machine's use | 700 |
Determine the acquisition cost of the machine. Acquisition Cost = $Answer
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