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MC Qu. 67 Buffalo Company reported...
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
damage goods was \$10,000.
Based on this information, the correct balance for ending inventory on December 31 is:
Multiple Choice
\$374,000