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. $422,000
B. $438,000
C. $374,000
D. $460,000
E. $384,000
Answer: E
You might also like to view...
Suppose you own a mutual fund which has 11,326,555 shares outstanding. If its total assets are $70,111,050 and its liabilities are $12,444,100, find the net asset value of the fund.
A. $5.09 B. $5.13 C. $5.36 D. $5.98
Posterior probabilities are computed using
A. the Multiplication Law. B. Chebyshev’s theorem. C. the empirical rule. D. Bayes' theorem.
Each of the following is included in a public company's MD&A except:
A) material trends, events, or known uncertainties. B) statements about what management expects to occur in the future. C) management's views of the financial condition and performance of the company. D) names and experience of the company's managers, directors, and officers.
Herring Inc. is considering issuing 18-year, 9.0% semiannual coupon, $1,000 face value convertible bonds at a price of $1,000 each. Each bond would be convertible into 25 shares of common stock. If the bonds were not convertible, investors would require an annual nominal yield of 11.8%. What is the straight-debt value of each bond at the time of issue? Do not round your intermediate calculations.
A. $911.77 B. $713.56 C. $753.20 D. $792.84 E. $951.41