Rizio Co. purchases a machine for $14,900, terms 2/10, n/60, FOB shipping point. Rizio paid...
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Rizio Co. purchases a machine for $14,900, terms 2/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $298 discount. Transportation costs of $337 were paid by Rizio. The machine required mounting and power connections costing $1,030. Another $486 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $375 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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