Current Attempt in Progress Buffalo Inc. manufactures a variety of consumer products. The company's founders have run the company for 30 years and are now interested in retiring. Consequently, they are seeking a purchaser who will continue its operations, and a group of investors, Morgan Inc., is looking into the acquisition of Buffalo. To evaluate its financial stability and operating efficiency, Buffalo was requested to provide the latest financial statements and selected financial ratios. Summary information provided by Buffalo is as follows. Buffalo Inc. Income Statement For the Year Ended November 30, 2021 Sales (net) Interest income Total revenue Costs and expenses (in thousands) $ 30,550 550 31,100 Cost of goods sold 17,650 Selling and administrative expenses 3,600 Depreciation and amortization expense 1,940 Interest expense 950 Total costs and expenses 24,140 Income before taxes Income taxes Net income 6,960 2,784 $ 4,176 Buffalo Inc. Balance Sheet As of November 30 (in thousands) 2021 2020 Cash $ 450 $ 550 Short-term investments (at cost) Accounts receivable (net) 350 250 3.250 2,950 LASO ACA