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