Rizio Company purchases a machine for $10,100, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $101 discount. Transportation costs of $228 were paid by Rizio. The machine required mounting and power connections costing $698. Another $329 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, the machine was damaged and $370 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine. X Answer is not complete. Amount Included in Cost of Equipment: Invoice price of machine Net purchase price $ 10,924 X 10,924 10.031

Rizio Company purchases a machine for $10,100, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $101 discount. Transportation costs of $228 were paid by Rizio. The machine required mounting and power connections costing $698. Another $329 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, the machine was damaged and $370 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine. X Answer is not complete. Amount Included in Cost of Equipment: Invoice price of machine Net purchase price $ 10,924 X 10,924 10.031

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ivanhoe center began opsratons on July 1. It uses a parpstual invantory system. Uuring July, the company had the following purchases and aales. Calsulate waighted-avarage unit cost (Round answers to 3 decimal places, eg. 15.251.) July 1$ July6 $ July 11$ July 14$ July 21$ July 27$ (a2) Determins the ending imentory under a perpatual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For calculation and answers purpose round unit costs to 3 decimal places, eg. 15.251 and ending inventory values to 0 decimal places, eg. 515.) Attempts: 0 of 3 used Using multiple attempts will impact your score. 2096 scors reduction after attempt 2 (b) The parts of this question must be completed in order. This part will be available when you complete the part above.
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Using the information given, fi ll in the partially completedinventory record shown here.
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