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

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