Buffalo Company Reported a December 31 Ending Inventory Balance of $412,000.The

question 73

Multiple Choice

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:

• A)$374,000
• B)$384,000
• C)$460,000
• D)$422,000
• E)$438,000

---

Definitions:

Utmost Satisfaction

The highest or greatest level of satisfaction or pleasure experienced by an individual.

Employee Assistance Programs

Workplace initiatives that provide confidential counseling and support services to employees dealing with personal or professional issues.

Pension Plans

Financial programs that provide income to individuals during their retirement, funded by previous employment contributions.

Family Conflicts

Disagreements and battles of interest within a family unit, which can affect the emotional and psychological well-being of members.