The correct balance for ending inventory

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Reference no: EM13906784

Buffalo Company reported a December 31 ending inventory balance of $412,000. The following additional information is also available:

• The ending inventory balance of $412,000 did not include goods costing $48,000 that were purchased by Buffalo on December 28 and shipped FOB destination on that date. Buffalo did not receive the goods until January 2 of the following year.

• The ending inventory balance of $412,000 included damaged goods at their original cost of $38,000. The net realizable value of the damaged goods was $10,000.

Based on this information, the correct balance for ending inventory on December 31 is:

$374,000

$384,000

$460,000

$422,000

$438,000

Reference no: EM13906784

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