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Can someone help me with this question? Thank you Seemore Lens Company (SLC) sell contact lenses FOB destination. For the year ended December 31, the
Can someone help me with this question?
Seemore Lens Company (SLC) sell contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $83,000 and Cost of Goods Sold of $446,000. Included in Inventory (and Accounts Payable) are $12, 600 of lenses held on consignment Included in the Inventory balance are $6, 300 of office supplies held in SLC's warehouse. Excluded from the inventory balance are $9, 300 of lenses in the warehouse, ready to sent to customers on January 1 SLC reported these lenses as sold on December 31, at a price of $ 17, 600 Included in the Inventory balance are $ 3, 650 of lenses that were damaged in December and will be scrapped in January, with no recoverable value. Prepare the table showing the balances presently reported for inventory and Cost of Good Sold, and the displaying the adjustment(s) needed to correctly account for each of items and finally determining the appropriate inventory and Cost of Goods Sold balances. (Enter any decrease to account balances with a minus sign.) Thank you
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