Rizio Co. purchases a machine for $10,800, terms 1/10, n/60, FOB shipping point. Rizio paid within...

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Rizio Co. purchases a machine for $10,800, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $108 discount. Transportation costs of $244 were paid by Rizio. The machine required mounting and power connections costing $747. Another $352 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $290 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 Total cost to be recorded Rizio Co. purchases a machine for $10,800, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $108 discount. Transportation costs of $244 were paid by Rizio. The machine required mounting and power connections costing $747. Another $352 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $290 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 Total cost to be recorded

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Answer Amount included in cost of equipment Invoice price 10800 Less Dis... View the full answer