Buffalo Company reported a December 31 ending inventory balance of $412,000. The 32) 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) $460,000 B) S384,000 C) S438,000 D) $374,000 E) $422,000 33) Avanti purchases inventory from overseas and incurs the following costs: the 33) merchandise cost is $50,000, credit terms 2/10, n/30 that apply only to the $50,000; FOB shipping point freight charges are $1,500; insurance during transit is $500; and import duties are $1,000. Avanti paid within the discount period and incurred additional costs of $1,200 for advertising and $5,000 for sales commissions. Compute the cost that should be assigned to the inventory A) S52,000 B) $53,000 C)$3,200 D) 51,500 S50,000 34) 34) IFRS reporting currently does not allow which method of inventory costing? A) Weighted average. B) FIFO. C) LIFO. D) Lower of cost or market. E) Specific identification